SIA has used S$4.4b of funds raised in recent rights issue

Singapore

SINGAPORE Airlines (SIA) has used S$4.4 billion - or half - of the S$8.8 billion that it raised during the rights issue in June, although some of those funds were used to repay a bridge loan for expenses incurred earlier in the year.

In a filing to the Singapore Exchange on Wednesday, the flag carrier said it had spent S$2.2 billion, of which S$1.1 billion went towards funding operating expenses, settling maturing fuel hedging trades and ticket refunds as border closures prompted scores of flight cancellations. A further S$0.2 billion was used for aircraft purchases and about S$0.9 billion towards debt servicing, which includes the redemption of SIA's 10 year, S$500 million fixed rate notes in July and repayment of funds previously drawn under lines of credit.