Singapore Airlines uses up last $600m of $8.8b from 2020 rights issue

Singapore Airlines Thursday said that it has exhausted the S$8.8b in gross proceeds raised from its rights issue in June last year, with the last $600m having been used for aircraft and aircraft-related payments between July 1 and Sept 1. In a filing to the Singapore Exchange, the flag carrier said that the net proceeds of $6.2b from the issuance of additional mandatory convertible bonds (MCBs) in June this year had yet to be utilised as at Thursday. SIA said it has also raised $21.6b in fresh liquidity since April 1 last year. The group added that, in addition to the cash on hand, it continues to retain access to $2.1b of committed lines of credit that are currently undrawn. As far as the 2020 rights issue goes, SIA spent the proceeds of $8.8b between June 8 last year and Sept 1 this year. SIA had used $2b of the proceeds for the repayment of the bridge loan from DBS Bank, which was set up in April last year to provide the liquidity required by SIA for the completion of the rights issue last year.<br/>