Singapore Airlines raises S$2 billion in sale-leaseback deals for 11 aircraft

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Airlines like Singapore Air have had to ground thousands of planes. (PHOTO: Steve Strike/Outback Photographics)

Use this oneSingapore Airlines (SIA) announced on Monday (3 May) that it has completed sale-and-leaseback transactions for 11 aircraft, comprising seven Airbus A350-900s and four Boeing 787-1Os, raising approximately S$2 billion (US$1.5 billion) in total. The transactions were arranged by four different parties, as follows:

During this period of high uncertainty, as the airline industry continues to navigate the unprecedented challenges caused by the COVID-19 pandemic, the SIA Group will continue to explore additional means to raise liquidity as necessary.

SIA has successfully raised approximately S$15.4 billion in fresh liquidity since 1 April 2020, including these sale-and-leaseback transactions. The amount also includes S$8.8 billion from SIA’s successful rights issue, S$2.1 billion from secured financing, S$2.0 billion via the issuance of convertible bonds and notes, as well as more than S$500 million through new committed lines of credit and a short-term unsecured loan. SIA continues to have access to more than S$2.1 billion in committed credit lines, along with the option to raise up to S$6.2 billion in additional mandatory convertible bonds before the Annual General Meeting in July 2021.

Goh Choon Phong, Singapore Airlines’ CEO, said: ‘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. We will continue to respond nimbly to the evolving marketing conditions, and be ready to capture all possible growth opportunities as we recover from this crisis.”

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