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Manila Bulletin devider Business devider CEB lists convertible preferred shares

CEB lists convertible preferred shares

Published Mar 29, 2021 11:14 am

After its convertible preferred shares stock rights offering, Cebu Air, Inc. (CEB) today (March 29) announced that 328,947,368 of its convertible preferred shares with a par value of P1 per share were listed and ready to be traded at the Philippine Stock Exchange (PSE).

Despite the challenges that airlines currently face, CEB raised P12.49 billion ($256 million) from existing shareholders.

The funds raised from the offer will strengthen CEB's balance sheet and ensure it thrives under the new normal.

CEB was in a "unique situation among its airline peers in that it entered into the COVID pandemic with a historically strong ability to generate free cash flow," according to the airline's statement.

It has a strong liquidity position as of end- 2019, having ended the year with a conservative net debt-to-equity ratio of 1.26x.

While CEB "sustained severe revenue decline and losses due to the COVID-19 pandemic," its net debt-to-equity ratio was still at a strong 2.34x as of September 30, 2020.

The strong balance sheet and liquidity supported the airline in the challenging pandemic environment.

“The success of this activity is a testament to Cebu Pacific’s fortitude and its steadfast commitment as the Philippine national flag carrier," remarked President and CEO Lance Gokongwei.

He thanked shareholders for supporting the airline in the endeavor and acknowledged his team's hard work despite all challenges, the strategies put into play long before the pandemic started, and the changes implemented "to enable us to continue our dream – for everyJuan to fly.”

BPI Capital Corporation acted as the Sole Global Arranger, Bookrunner and Underwriter for CEB's offer.

CEB is the largest carrier in the Philippine air transportation industry.

Together with subsidiary Cebgo, CEB flies to 36 domestic and 25 international destinations, with over 100 routes.

The CEB network operates flights out of seven strategically placed hubs in the Philippines: Clark, Davao, Cagayan de Oro, Kalibo, Cebu, Iloilo and Manila.

The Cebu Pacific fleet is comprised 73 aircraft— 7 A321NEOs, 7 A321CEOs, 5 A320NEOs, 25 A320CEOs, 7 A330CEOs, 6 ATR 72-500s, 13 ATR 72-600s, 2 ATR freighters, 1 A330 freighter. CEB boasts of one of the youngest fleets in the world, with an average fleet age of five (5) years.

A member of the International Air Transport Association (IATA), Cebu Pacific has achieved full compliance with IATA Operational Safety Audit (IOSA)—considered as the benchmark of the highest standards for safety in the airline industry, joining a roster of 429 airlines worldwide.

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CEB CEB LISTS CONVERTIBLE PREFERRED SHARES CEB RAISES P12.5B FUNDS
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