SIA raises additional $750m from long-term loans secured on planes

Singapore Airlines has raised an additional $750m from long-term loans secured on some of its Airbus A-350-900 and Boeing 787-10 planes, the carrier said Thursday. SIA has now raised about $11b in liquidity since the start of its 2020-21 financial year in April, as it grapples with the impact of Covid-19 on the aviation sector. This sum comprises $8.8b from a rights issue backed by Temasek, $1.65b from secured financing and more than $500m from new committed lines of credit as well as a short-term unsecured loan from financial institutions. SIA added that all existing committed lines of credit that were due to mature this year have been renewed until next year or later. This, together with new committed lines of credit, ensures continued access to more than $2.1b in liquidity. "During this period of high uncertainty, SIA will continue to explore additional means to shore up liquidity as necessary," it said.<br/>