READ: Singapore Airlines confident of having 'very strong liquidity' as it explores new sources of funds to tide through COVID-19: CEO
The five-year bonds, which have been placed with a variety of institutional investors, will carry a coupon of 1.625 per cent. They can also be converted into ordinary shares at a price of S$5.743.This represents a 45.8 per cent increase from Thursday's closing price of S$3.94. It added that proceeds from the bonds will be used to fund operating and capital expenditure, and debt servicing.The airlines said that"positive discussions" have taken place on aircraft sale-and-leaseback transactions, and that it will continue to explore other means to"strengthen ... liquidity as necessary".
The airlines said that for the period up to July next year, it retains the option to raise up to S$6.2 billion in additional mandatory convertible bonds that would provide further liquidity if necessary., down from about S$350 million a month in the three months of May to July.
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