October 8, 2020
Cebu Air Inc. is seeking to raise up to $500 million additional capital to recover from the impact of COVID-19.
It told the Philippine Stock Exchange Thursday that it will be seeking approval for the issuance of up to $250 million in new convertible preferred shares, as well as another $250 million in privately placed convertible bonds.
The transactions will be taken up in a special shareholders meeting to take place on November 20, 2020.
The new convertible preferred shares will be available to all stockholders, including JG Summit, giving opportunity for all investors to participate.
The privately placed convertible bonds, will be made available to a limited number of reputable international investors.
“We need to create a longer runway for CEB so that we can continue providing affordable and accessible air transport services for everyjuan,” said Lance Gokongwei, President and CEO of Cebu Pacific and JG Summit Holdings, Inc. DMS
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