Cebu Air raises $250 million from private convertible bond offering

Cebu Air has raised $250 million from a private offering of convertible bonds. The airline signed an agreement with International Finance Corp., the IFC Emerging Asia Fund and Indigo Philippines, an affiliate of Indigo Partners, for the private placement of $250 million in convertible bonds. The number of underlying shares for the convertible bonds is 318,750,000 common shares with P38 conversion price. “Transaction closing is subject to post-signing deliverables, which the parties expect to complete over the succeeding weeks,” CEB said. Cebu Pacific earlier raised $250-million convertible preferred shares and P16 billion loans from local banks. Proceeds will further strengthen the