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Singapore Airlines to redeem 50% of US$4.7 billion convertible bonds issued in 2021
May 12th 2023
Singapore Airlines (SIA) will redeem half of the S$6.2 billion (US$4.7 billion) of Mandatory Convertible Bonds (MCB) issued in 2021. Read More » The MCBs will be redeemed on June 24 at 108.243% of the principal amount, SIA said in a regulatory filing. SIA raised the S$6.2 billion through the MCB offer to help shore up its balance sheet during the pandemic. The funds have remained fully unutilised since 2021. As such, SIA has decided the gross proceeds raised in 2021 will go towards funding the partial redemption. Of the remaining S$3.1 billion, S$1 billion has been allocated to operating cash flow, S$1.35 billion to capital expenditure and S$750 million to other fixed commitments, SIA said.
