Singapore Airlines secures $1 bn additional credit after rights issue

Singapore Airlines Ltd said on Monday that it had secured about $1 billion in credit facilities, in addition to the S$8.8 billion ($6.32 billion) it recently raised from a rights issue, to help it weather the COVID-19 pandemic.

Global airlines have taken a huge blow as curbs imposed to stop the spread of the coronavirus led to a plunge in travel demand, leading to a liquidity crisis at firms. Singapore Airlines’ total financing is among the biggest raised by any carrier amid the global health crisis.

Singapore Airlines said it had raised S$900 million through loans on some of its aircraft. It had also arranged new lines of credit and a short-term loan with several banks for further liquidity of more than S$500 million.