SINGAPORE, May 3 (NNN-CNA) — Singapore Airlines Ltd said on Monday it had raised about S$2 billion through sale-and-leaseback deals for 11 of its planes to help bolster liquidity as it grapples with the pandemic-related plunge in travel.
The airline said it would continue to explore other ways to raise liquidity after reaching deals with four parties over seven Airbus SE A350-900s and four Boeing Co 787-10s.
Rivals such as Cathay Pacific Airways Ltd and Qantas Airways Ltd have done similar deals during the pandemic.
“The additional liquidity from these sale-and-leaseback transactions reinforces our ability to navigate the impact of the COVID-19 pandemic from a position of strength,” Singapore Airlines Chief Executive Goh Choon Phong said in a statement.
Singapore Airlines said it had access to more than S$2.1 billion of undrawn credit lines and an option to raise up to S$6.2 billion in convertible bonds before its annual meeting in July 2021.
The airline lacks a domestic market and has been hit hard by the virtual halt to international passenger travel because of border controls and quarantine measures.
Singapore Airlines Group reported a decline in overall passenger carriage for March by 90.2 per cent year-on-year, as border controls and travel restrictions continued worldwide. — NNN-CNA