Cathay Pacific raises US$650 million in first US-dollar bond sale in 27 years to fuel survival amid global air travel slump
South China Morning Post
Excerpt
May 10, 2021
Cathay Pacific Airways has raised US$650 million by selling a US-dollar denominated bond for the first time in about three decades as it battles to stabilise its finances amid a slump in international travel, according to a person familiar with the deal.
Hong Kong’s flagship airline plans to use the bond proceeds as working capital and for general corporate purposes, according to a terms sheet seen by the South China Morning Post. The fundraising comes less than a year after the airline received a HK$39 billion (US$5 billion) bailout from Hong Kong’s government.
Cathay Pacific was one of the first and hardest hit airlines by the coronavirus pandemic, which quickly stymied global air travel after the first Covid-19 cases emerged in mainland China. Without a domestic flight network, the carrier relies on cross-border travel to more than 190 global destinations in more than 60 countries.
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https://www.scmp.com/business/bankin...27-years-raise