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Mon, December 21, 2020 – 6:33 pm
SINGAPORE Airlines (SIA) has used approximately S $ 7.1 billion of the S $ 8.8 billion raised from a rights issue in June, it said in a filing with the Singapore Stock Exchange on Monday.
Between October 14 and December 13, the flag carrier spent another $ 900 million of gross proceeds from the rights issue. Of this amount, S $ 500 million was used to fund ongoing operating expenses, S $ 200 million was used to refund tickets sold on flights that were canceled due to ongoing border controls and travel restrictions, and 200 million Singapore dollars were used to service the debt.
Its last update on the use of proceeds from the rights issue was made in mid-October, when SIA said it had spent S $ 1.8 billion in about two months. The amount was used for ongoing operating expenses, ticket refunds, and debt service.
In addition to the funds raised during the rights issue, SIA said it has raised a total of S $ 2.1 billion for the 2020/21 fiscal year through secured loans on its aircraft and a short-term unsecured loan, 850 million. of Singaporean dollars through a convertible bond issue and S $ 500 million through a private placement of new 10-year bonds.
It has access to approximately S $ 2.1 billion of credit lines available for its business, and has the option to issue additional mandatory convertible bonds to raise up to S $ 6.2 billion if the crisis continues.
Shares of SIA closed at 4.38 Singapore dollars on Monday, down 1.13 percent or 5 Singapore cents.
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