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Clifford Chance advises investors on Cebu Pacific's private placement of US$250 million convertible bonds

Clifford Chance advises investors on Cebu Pacific’s private placement of US$250 million convertible bonds
12 May 2021
Clifford Chance advises investors on Cebu Pacific’s private placement of US$250 million convertible bonds
Leading international law firm Clifford Chance has advised International Finance Corporation, IFC Emerging Asia Fund, LP and Indigo Philippines LLC, an affiliate of private equity firm Indigo Partners LLC, on the private placement of US$250 million convertible bonds due 2027 by low-cost carrier Cebu Air, Inc. (Cebu Pacific) listed on the Philippines Stock Exchange. The bonds are convertible into common shares of Cebu Pacific. The shares issued as a result of the conversion of the convertible bonds will be listed on the Philippines Stock Exchange. ....

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Cebu Air Bleeds In First Quarter Net-Loss

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Cebu Pacific gets support from international firms

SunStar
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May 11, 2021
CLARK FREEPORT Cebu Pacific (CEB) has taken another big step toward securing its future as a key low-cost provider of domestic and international travel after raising fresh funds from the International Finance Corporation (IFC), the IFC Emerging Asia Fund, and Indigo Philippines LLC, an affiliate of Indigo Partners LLC.
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, have invested US$250 million in CEB in the form of convertible bonds.
The investment will provide CEB with a longer liquidity runway to help the company withstand the effects of the pandemic until economic activity and travel demand recovers. ....

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Cebu Pacific first quarter loss widens to Ps6.8 billion

By Greg Waldron2021-05-11T02:59:00+01:00
Philippine low-cost carrier Cebu Pacific Air saw its first quarter operating loss balloon to Ps6.8 billion ($124 million) from Ps692 million a year earlier.
Revenue for the three months ended 31 March fell 83% Ps2.7 billion, according to the airline’s unaudited financial statement for the period.
Source: Wikimedia Commons
The airline attributed the sharp reversal to the coronavirus pandemic.
“The overall decline in revenues was brought about by the impact of the Covid-19 outbreak which started with cancellation of flights to China, Hong Kong, Macau and South Korea in varying periods in early 2020 due to the imposition of travel restrictions,” says the carrier. ....

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Cebu Pacific raises US$250 million from convertible bonds

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. ....

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