News
Singapore Airlines boosts liquidity by US$541 million
July 24th 2020
Singapore Airlines (SIA) said this week it had boosted liquidity with fresh long-term financing of S$750 million (US$541 million), secured against A350-900s and 787-10s. Read More »
This latest long-term loan, backed by an unspecified number of aircraft, followed a capital raising in June. It generated S$8.8 billion through the issue of new shares and S$900 million in long-term loans, also secured against A350-900 and 787-10s, and S$500 million in short-term unsecured loans and committed lines of credit.
SIA said all existing committed lines of credit due to mature in 2020 had been renewed until 2021 or later. The company also had access to S$2.1 billion in committed liquidity and the potential to raise another S$6.2 billion through the sale of mandatory convertible bonds.
"During this period of high uncertainty, SIA will continue to explore additional means to shore up liquidity as necessary," SIA said.
The airline group is scheduled to present a business update for the three months to June 30, 2020 on July 29.
In a trading update last week, it said it expected to post a "material operating loss" for the quarter as the COVID-19 pandemic continued to have a severe impact on international air travel.
