Flag carrier Singapore Airlines (SIA) has raised a total of $1.5bn (S$2bn) from sale-and-leaseback transactions arranged by four different parties.

The deals involve 11 aircraft, comprising seven Airbus A350-900s and four Boeing 787-10s.

The transactions with aircraft leasing company Aergo Capital includes one aircraft each of Airbus A350-900 and Boeing 787-10, and with assets management firm Altavair involves four Airbus A350-900s.

Additionally, aircraft lessor EastMerchant / Crianza Aviation deal contains one Airbus A350-900 and two Boeing 787-10s, while investment firm Muzinich and Co involves one Airbus A350-900 one Boeing 787-10.

Singapore Airlines chief executive officer Goh Choon Phong said: “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.”

The carrier revealed that it has access to more than $1.57bn (S$2.1bn) in committed credit lines, and an option to raise up to $4.6bn (S$6.2bn) in additional mandatory convertible bonds prior to its Annual General Meeting scheduled to take place in July 2021.

Including these latest deals, SIA raised approximately $11.5bn (S$15.4bn) in fresh liquidity since 1 April 2020.

The carrier will continue to focus on raising additional liquidity depending on requirements.

In March, the carrier’s overall passenger carriage measured in revenue passenger-kilometres dropped by 90.2%. By June 2021, the group’s passenger capacity is expected to be around 27% of pre-Covid levels.

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Source: https://www.aerospace-technology.com/news/singapore-airlines-aircraft-deals/