The_King Posted October 20, 2020 Share Posted October 20, 2020 So far, the airline has utilised $6.2 billion between June and August 2020 since its rights issue. Singapore Airlines (SIA) says it will be using a further $1.8 billion out of the $8.8 billion raised in gross proceeds from its rights issue. Of the $1.8 billion, some $0.6 billion will fund its operating expenses, and another $0.5 billion will go towards the refund of tickets sold on flights which have been subsequently cancelled. A further $0.7 billion has been applied towards debt service. This includes the periodic interest payments for SIA’s unsecured and secured loans and repayment of funds previously drawn under certain lines of credit. So far, the airline has utilised $6.2 billion between June and August 2020 since its rights issue, including the one-time utilisation of $2.0 billion to repay the bridge loan from DBS and $1.3 billion for operating expenses during the period. “Such use of proceeds is in accordance with the intended use of proceeds stated in the Offer Information Statement,” says the airline in an SGX filing dated Oct 19. According to SIA, the company has raised $2.1 billion via loans secured on its aircraft and a short-term unsecured loan. It also has some $1.9 billion of lines of credit available for drawing and up to $6.2 billion of mandatory convertible bonds to be issued. Since Covid-19 has halted flights, SIA has also found other initiatives including the conversion of two of its A-380 planes into a restaurant on Oct 24 and Oct 25, a tour of its training facilities, as well as the delivery of its meals from its first class and business menus. On Oct 12, seats on SIA’s A-380 lunches were sold out within 30 minutes after bookings opened. https://sg.finance.yahoo.com/news/sia-1-8-bil-rights-014849186.html Link to comment Share on other sites More sharing options...
The_King Posted October 20, 2020 Author Share Posted October 20, 2020 burning cash jin fast Link to comment Share on other sites More sharing options...
aaur4man Posted October 20, 2020 Share Posted October 20, 2020 jskm can pay back DBS the secured and unsecured loans dunno how they gonna pay back Link to comment Share on other sites More sharing options...
The_King Posted October 20, 2020 Author Share Posted October 20, 2020 that mean 8billion will be utilized and left 0.8billion wow that around 90% of the fund used up already Link to comment Share on other sites More sharing options...
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