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Philippine Airlines raised another US$50 million from the international bond market
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The finds will be used for fleet and network expansion
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It will be consolidated with the $300-million senior notes issued just last July 16
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The initial offer saw strong investor interest and was oversubscribed
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The additional offer was again issued through the company’s wholly owned subsidiary, Primero Agila Limited, and on the Singapore Exchange Securities Trading Limited
Philippine Airlines (PAL) has raised another US$50 million from the international bond market, a follow-up to and will be consolidated with the $300 million senior notes issued just last July 16.
PAL will use the funds for its fleet and network expansion.
The earlier bond offering, the carrier’s first foray in the international capital market, attracted strong investor interest, generating a final orderbook of more than $1.4 billion, which reflects an oversubscription of approximately 4.5 times.
The additional offer was again issued through the company’s wholly owned subsidiary, Primero Agila Limited, and unconditionally and irrevocably guaranteed by Philippine Airlines, Inc. and Air Philippines Corporation, the holding company said in a regulatory disclosure on July 31.
Settlement date will be on August 6, and the notes will be listed on the Singapore Exchange Securities Trading Limited.
The additional notes were priced to yield 7.997% at a reopening price of 99.000, plus accrued interest from July 16, excluding the issue date, PAL said.
READ: PAL set to join oneworld Alliance
Earlier this week, the flag-carrier took delivery of its third Airbus A350-1000, registered RP-C3512, from a batch order of nine placed in 2023.
PAL also just announced at the Farnborough International Airshow held in the United Kingdom on July 20-24 that it ordered another nine Airbus 350-1000 planes with Rolls-Royce engines as well as up to 20 Boeing 787s with engines from GE Aerospace.
