Singapore Airlines Raises US$500 Million via USD Bond

(14 Jan 2021)
Singapore Airlines has successfully raised
US$500 million via its first US dollar-denominated bond issue.

The
issuance was oversubscribed with the final demand at more than
US$2.85 billon.

The
bonds are being issued at an issue price of 99.573% of their
principal amount, with a maturity date of 20 July 2026. They will
carry an annual coupon of 3.0% per annum.

Singapore Airlines will use the proceeds for aircraft purchases,
related payments and other general purposes including refinancing
of existing borrowings.


The issuance strengthens the
company’s liquidity position, and provides SIA with the financial
flexibility to capture medium-to-long term growth beyond the
COVID19 pandemic.

Since the start of the
2020/2021 financial year, including this latest issuance, Singapore
Airlines has raised approximately S$13.3 billion in additional
liquidity.

That total includes S$8.8 billion from SIA’s successful
Rights Issue, S$2 billion from secured financing, S$850 million
via a recent convertible bond issue, another S$500 million via a
private placement of new 10-year bonds, and more than S$500
million through new committed lines of credit and a short-term
unsecured loan.

Including the new lines of credit,
SIA will continue to have access to more than S$2.1 billion in
committed credit lines. For the period up to July 2021, the
company also retains the option to raise up to S$6.2 billion in
additional Mandatory Convertible Bonds that would provide further
liquidity if necessary.

“We thank our investors for
their strong support of Singapore Airlines’ debut issuance of
US-dollar bonds. We are confident that this will further
strengthen SIA’s competitive advantage in the industry, and
bolster our ability to emerge stronger from the challenges posed
by the Covid-19 pandemic,” said Singapore Airlines Chief Executive
Officer, Mr Goh Choon Phong.

Citigroup was the sole global coordinator for this issuance.
Citigroup, HSBC and BofA Securities were the joint bookrunners.

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