AVIATION | Staff Reporter, Singapore

SIA nabs $10b from its rights issue

It also arranged $500m lines of credit and a short-term unsecured loan with several banks.

Singapore Airlines (SIA) has raised $10b of liquidity through its recent rights issue and a mix of secured and unsecured credit facilities, a press release revealed.

It comprises $8.8b in liquidity through the successful completion of the rights issue on 5 June, and a further $900m was raised through long-term loans secured on some of SIA’s Airbus A350-900 and Boeing 787-10 aircraft. In addition, the company has also arranged new committed lines of credit and a short-term unsecured loan with several banks, amounting to more than $500m.

Separately, SIA stated that all existing committed lines of credit that were due to mature during the course of 2020 have been renewed until 2021 or later, thus ensuring continued access to more than $1.7b in liquidity.

For the period up to July 2021, they also retained the option to raise another $6.2b in additional mandatory convertible bonds, which will provide SIA additional liquidity if necessary. 

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