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Mon, 8 June 2020

Singapore Airlines Raises S$10 Billion

Singapore Airlines has confirmed that it raised S$10 billion of liquidity through its recent Rights Issue, as well as a mix of secured and unsecured credit facilities.

SIA secured S$8.8 billion in liquidity through the successful completion of the rights issue on 5 June 2020. A further S$900 million was raised through long term loans secured on some of SIAs Airbus A350-900 and Boeing 787-10 aircraft.

The company has also arranged new committed lines of credit and a short term unsecured loan with several banks, which provide further fresh liquidity amounting to more than S$500 million.

Singapore Airlines Airbus A350-900 reg: 9V-SMR. Picture by Steven Howard of TravelNewsAsia.com Click to enlarge.

Separately, 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 S$1.7 billion in liquidity.

During this period of high uncertainty, SIA has said that it will continue to explore additional means to shore up liquidity as necessary.

For the period up to July 2021, the company also retains the option to raise up to a further S$6.2 billion in additional mandatory convertible bonds, which will provide additional liquidity if necessary.

Goh Choon Phong, Singapore Airlines Chief Executive, said, We are grateful for the strong support of our shareholders for our successful rights issue, which has secured the companys future amid an unprecedented global health and economic crisis. We are also grateful to our relationship banks for their support in extending additional secured and unsecured loans, as well as committed lines of credit. SIA will remain steadfast and agile during this period of great uncertainty, and continue to act nimbly in responding to the evolving market conditions.

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