Cebu Air has confirmed plans to lift as much as US$500 million in extra capital to strengthen its stability sheet.
The service is in search of to make sure that it’s positioned to recuperate from the affect of Covid-19.
The Philippines’ largest service gave discover to the Philippines’ inventory trade that it is going to be in search of approval for the issuance of as much as US$250 million in new convertible most well-liked shares.
The service can even provide one other US$250 million in privately positioned convertible bonds.
It’s hoped the deal might be accomplished by November 20th.
The brand new convertible most well-liked shares might be made out there to all stockholders, together with JG Summit, giving alternative for all buyers to take part; whereas the privately positioned convertible bonds, might be made out there to a restricted variety of respected worldwide buyers.
“We have to create an extended runway for Cebu Air in order that we will proceed offering reasonably priced and accessible air transport companies for everybody,” stated Lance Gokongwei, chief govt of Cebu Pacific and JG Summit Holdings.