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HONG KONG, May 6 (Reuters) - Hong Kong’s Cathay Pacific Airways Ltd is considering issuing its first U.S. dollar bond in nearly 25 years, according to a term sheet seen by Reuters.
The COVID-19 pandemic-ravaged airline will begin speaking to investors on Thursday to determine if a deal goes ahead for a U.S. dollar Reg S bond, which means the debt cannot be sold to U.S.-based investors.
The size of the issue is yet to be determined and will be set based on the demand for the bonds, according to a person familiar with the matter.
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Hong Kong’s Cathay Pacific Airways Ltd will close its Canadian pilot base and plans to also shut its pilot bases in Australia and New Zealand, the South China Morning Post reported on Thursday, citing an internal memo.
The carrier’s European and United States pilot bases will also be reviewed later in 2021, the newspaper said, adding that the moves could affect hundreds of jobs.
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Cathay had already closed overseas cabin crew bases and shut its regional airline Cathay Dragon to help it conserve cash during the pandemic, resulting in the loss of more than 5,900 jobs.
UPDATE 2-Cathay Pacific to close pilot base in Canada, proposes shutting Australia, New Zealand Reuters 2 hrs ago Airline cut 5,900 jobs in 2020 due to travel downturn Reported record loss of $2.8 bln in 2020 (Recasts with Cathay confirmation, details of consultation process in Australia, New Zealand)
April 22 (Reuters) - Hong Kong s Cathay Pacific Airways Ltd will close its Canadian pilot base and has proposed to also shut its pilot bases in Australia and New Zealand, the airline said on Thursday.
No decisions have been made on the fate of its pilots based in Europe and the United States, the airline said in a statement that noted all passenger fleet pilots on overseas bases had been stood down since May 2020.