Singapore shores up liquidity with $13 billion financing deal

Singapore airlines has launched a massive capital raising that will ad over $13 billion to the carrier’s balance sheet. Singapore is offering 5.3 billion Singapore dollars ($3.72bn) in equity and up to 9.7 billion Singapore dollars ($6.8bn) in convertible notes – bonds that can be converted into equity stakes in the company. The fundraising  is being underwritten by Temasek, which owns about 55 percent of the group. The carrier has also obtained a 4 billion Singapore dollar ($2.8bn) bridge loan facility with the country’s biggest lender, DBS Group Holdings Ltd, to support near-term liquidity requirements. Singapore Group chairman Peter Seah said: