Investment comes from IFC, IFC Emerging Asia Fund and Indigo Partners
10 May 2021 |
The Asset
Philippine budget carrier Cebu Pacific has raised US$250 million through the issuance of convertible bonds to private equity investors as part of a US$500 million fundraising programme to support its recovery from the impact of Covid-19.
The fresh funds came from International Finance Corporation (IFC); the IFC Emerging Asia Fund, a private equity fund managed by the IFC Asset Management Company; and Indigo Partners, a private equity firm focused on worldwide investments in air transportation.
According to the airline’s disclosure to the Philippines’ Securities and Exchange Commission, the number of underlying shares for the convertible bonds is 318.75 million common shares priced at 38 pesos (78 US cents) each.
Cebu Airâs first-quarter net loss widens past P7B
May 11, 2021 | 12:08 am
Budget carrier plans cutting workforce anew
CEBU Air, Inc., the listed operator of budget carrier Cebu Pacific, disclosed on Monday significantly bigger losses for the first three months, as the coronavirus pandemic continues to wreak havoc on the aviation sector.
In a statement filed with the stock exchange, Cebu Air reported P7.30 billion in first-quarter net loss attributable to equity holders â at least six times more than the P1.18 billion in the same period in 2020.
Total revenues dropped 83% to P2.71 billion from P15.91 billion previously, with passenger revenue plunging to P887.45 million from P11.39 billion and cargo revenue slightly improving at P1.32 billion from P1.01 billion, which was primarily driven by higher yield from chartered cargo services.
Published May 10, 2021, 1:28 PM
To secure its future as a low cost carrier (LCC), Cebu Air Inc. (Cebu Pacific or CEB), has obtained US$250 million fresh funds from the International Finance Corporation (IFC), the IFC Emerging Asia Fund, and Indigo Philippines LLC, an affiliate of Indigo Partners LLC.
The investment of the triad, in the form of convertible bonds, will provide CEB with a longer liquidity to withstand the effects of the pandemic until travel demand recovers, the airline today (May 10) announced.
Lance Gokongwei, CEB President and Chief Executive
It will also help CEB maintain competitiveness to provide affordable transportation in this island nation where maritime transport alone cannot address the connectivity needs of people, goods, and services.
Cebu Pacific operator secures $250M from convertible bonds By JON VIKTOR D. CABUENAS, GMA News
Published May 10, 2021 12:34pm The operator of budget carrier Cebu Pacific has secured some $250 million from the issuance of convertible bonds to private equity investors, the company announced Monday. In a regulatory filing, Cebu Air Inc. said the investments were in the form of convertible bonds, coming from IFC, the IFC Emerging Asia Fund managed by the IFC Asset Management Company, and Indigo Partners which is focused on worldwide investments in air transportation. Cebu Air said the investment will provide the company with a longer liquidity runway to boost its buffers to withstand the effects of the pandemic until economic activity and travel demand recover.
BusinessWorld
April 20, 2021 | 12:07 am
BW FILE PHOTO
CEBU AIR, Inc., the listed operator of budget carrier Cebu Pacific, announced on Monday that it had signed an agreement to receive $250-million investment in the form of convertible bonds with International Finance Corp., IFC Emerging Asia Fund, and Indigo Philippines LLC.
The agreement was signed on April 16 after the company’s board of directors’ approval, Cebu Air said in a disclosure to the stock exchange.
“Transaction closing is subject to post-signing deliverables, which the parties expect to complete over the succeeding weeks,” it added.
It said the number of underlying shares for the convertible bonds is 318.75 million common shares with P38 conversion price.