Singapore Airlines proposes issuing up to $850 million of convertible bonds

SINGAPORE (THE BUSINESS TIMES) – Singapore Airlines (SIA) is proposing to issue up to $850 million in the principal amount of bonds, convertible into new ordinary shares in the company’s capital, it announced on Thursday (Nov 12) after market close.

The convertible bonds are proposed to be placed with institutional investors and other investors. HSBC has been appointed as the sole book runner and lead manager for the issue.

The $850 million figure is an indicative size. The terms of the bonds, including the aggregate in principal amount to be issued, will be confirmed upon the pricing of the issue, after HSBC completes a book-building exercise.

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