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Cebu Air Bleeds In First Quarter Net-Loss

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Clifford Chance advises investors on Cebu Pacific's private placement of US$250 million convertible bonds

Clifford Chance advises investors on Cebu Pacific’s private placement of US$250 million convertible bonds
12 May 2021
Clifford Chance advises investors on Cebu Pacific’s private placement of US$250 million convertible bonds
Leading international law firm Clifford Chance has advised International Finance Corporation, IFC Emerging Asia Fund, LP and Indigo Philippines LLC, an affiliate of private equity firm Indigo Partners LLC, on the private placement of US$250 million convertible bonds due 2027 by low-cost carrier Cebu Air, Inc. (Cebu Pacific) listed on the Philippines Stock Exchange. The bonds are convertible into common shares of Cebu Pacific. The shares issued as a result of the conversion of the convertible bonds will be listed on the Philippines Stock Exchange.

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Cebu Pacific gets support from international firms

SunStar
+
May 11, 2021
CLARK FREEPORT -- Cebu Pacific (CEB) has taken another big step toward securing its future as a key low-cost provider of domestic and international travel after raising fresh funds from the International Finance Corporation (IFC), the IFC Emerging Asia Fund, and Indigo Philippines LLC, an affiliate of Indigo Partners LLC.
IFC, the IFC Emerging Asia Fund, a private equity fund managed by the IFC Asset Management Company, and Indigo Partners, a private equity firm focused on worldwide investments in air transportation, have invested US$250 million in CEB in the form of convertible bonds.
The investment will provide CEB with a longer liquidity runway to help the company withstand the effects of the pandemic until economic activity and travel demand recovers.

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Cebu Pacific first quarter loss widens to Ps6.8 billion

By Greg Waldron2021-05-11T02:59:00+01:00
Philippine low-cost carrier Cebu Pacific Air saw its first quarter operating loss balloon to Ps6.8 billion ($124 million) from Ps692 million a year earlier.
Revenue for the three months ended 31 March fell 83% Ps2.7 billion, according to the airline’s unaudited financial statement for the period.
Source: Wikimedia Commons
The airline attributed the sharp reversal to the coronavirus pandemic.
“The overall decline in revenues was brought about by the impact of the Covid-19 outbreak which started with cancellation of flights to China, Hong Kong, Macau and South Korea in varying periods in early 2020 due to the imposition of travel restrictions,” says the carrier.

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Cebu Pacific raises US$250 million from convertible bonds

Investment comes from IFC, IFC Emerging Asia Fund and Indigo Partners
10 May 2021 |
The Asset
Philippine budget carrier Cebu Pacific has raised US$250 million through the issuance of convertible bonds to private equity investors as part of a US$500 million fundraising programme to support its recovery from the impact of Covid-19.
The fresh funds came from International Finance Corporation (IFC); the IFC Emerging Asia Fund, a private equity fund managed by the IFC Asset Management Company; and Indigo Partners, a private equity firm focused on worldwide investments in air transportation.
According to the airline’s disclosure to the Philippines’ Securities and Exchange Commission, the number of underlying shares for the convertible bonds is 318.75 million common shares priced at 38 pesos (78 US cents) each.

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Cebu Air's first-quarter net loss widens past P7B

Cebu Airâs first-quarter net loss widens past P7B
May 11, 2021 | 12:08 am
Budget carrier plans cutting workforce anew
CEBU Air, Inc., the listed operator of budget carrier Cebu Pacific, disclosed on Monday significantly bigger losses for the first three months, as the coronavirus pandemic continues to wreak havoc on the aviation sector.
In a statement filed with the stock exchange, Cebu Air reported P7.30 billion in first-quarter net loss attributable to equity holders â at least six times more than the P1.18 billion in the same period in 2020.
Total revenues dropped 83% to P2.71 billion from P15.91 billion previously, with passenger revenue plunging to P887.45 million from P11.39 billion and cargo revenue slightly improving at P1.32 billion from P1.01 billion, which was primarily driven by higher yield from chartered cargo services.

Philippines , Arjayl-balinbin , Cebu-pacific , Asia-fund , Indigo-philippines , International-finance-corp , Cebu-air , பிலிப்பைன்ஸ் , ஸிபூ-பெஸிஃபிக் , ஆசியா-நிதி , சர்வதேச-நிதி-கார்ப்

CEB secures future with $250M investment

Published May 10, 2021, 1:28 PM
To secure its future as a low cost carrier (LCC), Cebu Air Inc. (Cebu Pacific or CEB), has obtained US$250 million fresh funds from the International Finance Corporation (IFC), the IFC Emerging Asia Fund, and Indigo Philippines LLC, an affiliate of Indigo Partners LLC.
The investment of the triad, in the form of convertible bonds, will provide CEB with a longer liquidity to withstand the effects of the pandemic until travel demand recovers, the airline today (May 10) announced.
Lance Gokongwei, CEB President and Chief Executive
It will also help CEB maintain competitiveness to provide affordable transportation in this island nation where maritime transport alone cannot address the connectivity needs of people, goods, and services.

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Cebu Air raises $250 million through convertible bonds

BusinessWorld
April 20, 2021 | 12:07 am
BW FILE PHOTO
CEBU AIR, Inc., the listed operator of budget carrier Cebu Pacific, announced on Monday that it had signed an agreement to receive $250-million investment in the form of convertible bonds with International Finance Corp., IFC Emerging Asia Fund, and Indigo Philippines LLC.
The agreement was signed on April 16 after the company’s board of directors’ approval, Cebu Air said in a disclosure to the stock exchange.
“Transaction closing is subject to post-signing deliverables, which the parties expect to complete over the succeeding weeks,” it added.
It said the number of underlying shares for the convertible bonds is 318.75 million common shares with P38 conversion price.

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Cebu Pacific raises $250 million from convertible bonds

Cebu Pacific raises $250 million from convertible bonds
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