Cebu Pacific completes US$258 million fully subscribed capital raising
Hong Kong, March 11 -- Cebu Pacific Air (CEB) said in a regulatory filing to the Philippine Stock Exchange yesterday the company had completed its capital raising. Read More It generated proceeds of 12.5 billion pesos (US$258 million) from the sale of 328.9 million convertible preferred shares. The offer was fully subscribed. The funds will "strengthen the company's balance sheet by providing liquidity to address its financial liabilities", CEB. They included 4.805 billion pesos to repay an advance made by JG Summit Philippines, 3.913 billion pesos for aircraft operating lease payments due in 2021, 3.328 billion pesos for debt repayments also to be paid this year and 384 million pesos for general corporate purposes, such as passenger refund...
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