Singapore Airlines completes sale-and-leaseback transactions for 11 aircraft

by Satu Dahl
Image supplied by Singapore Airlines

Singapore Airlines has raised around S$2.0 billion in total by completing sale-and-leaseback transactions for seven Airbus A350-900s and four Boeing 787-10s.

Singapore Airlines (SIA), which took delivery of three new Airbus A350-900s in April making it the world’s largest Airbus A350 operator with a total of 55 aircraft, has raised around S$15.4 billion in fresh liquidity to date since 1 April 2020. According to the company, this total also includes more than S$500 million through new committed lines of credit and a short-term unsecured loan, S$8.8 billion from SIA’s successful rights issue, S$2.1 billion from secured financing and S$2.0 billion via the issuance of convertible bonds and notes.

Singapore Airlines Boeing 787 10. Image Supplied By Singapore Airlines.

Singapore Airlines Boeing 787-10. Image supplied by Singapore Airlines.

The transactions were arranged by four different companies, with transactions for one Airbus A350-900 and one Boeing 787-10 being completed by Aergo Capital Limited and Altavair handling the transactions for four Airbus A350-900s. EastMerchant/Crianza Aviation dealt with the sale and leaseback of one Airbus A350-900 and two Boeing 787-10s, and Muzinich and Co. Limited completed the transactions for one Airbus A350-900 and one Boeing 787-10.

The additional liquidity from these sale-and-leaseback transactions reinforces our ability to navigate the impact of the Covid-19 pandemic from a position of strength. We will continue to respond nimbly to the evolving marketing conditions, and be ready to capture all possible growth opportunities as we recover from this crisis.

Singapore Airlines Chief Executive Officer Goh Choon Phong

SIA has the option to raise up to S$6.2 billion in additional mandatory convertible bonds before the company’s Annual General Meeting in July 2021 and also has access to more than S$2.1 billion in committed credit lines. The group will continue to explore other additional means to raise more liquidity as necessary.

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