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Cebu Pacific forges ahead with US$250 million convertible bond private placement
April 19th 2021
Cebu Pacific (CEB) said in a regulatory filing to the Philippine Stock Exchange today it planned to raise US$250 million through the sale of convertible bonds via a private placement. Read More » The bonds were convertible to 318.75 million shares at a conversion price of 38 pesos (US$0.79). CEB said there were three parties participating in the private placement – the International Finance Corporation (IFC), the IFC Emerging Asia Fund and the Philippines arm of Indigo Partners. Indigo Partners is a private equity firm that has holdings in U.S.-based Frontier Airlines, Mexico's Volaris, Europe's Wizz Air and JetSMART in Chile. "Transaction closing is subject to post-signing deliverables, which the parties expect to complete over the succeeding weeks," CEB said.
