25.05.2023 - 01:55 UTC
Virgin Australia (VA, Brisbane International) is eyeing a November 2023 stock market initial public offering (IPO) according to a Reuters report. That outlet, citing a "source with direct knowledge of the matter," says the listing aims to raise AUD1 billion Australian dollars (USD660 million).
The timing aligns with Australian financial reporting requirements and the end of the local financial year on June 30. Given it will take around two months to compile and audit the FY22/23 accounts, the airline can take fresh financial accounts to investors over the September/October period. Those accounts will show the highest profits margins in 15 years and a profit running into the hundreds of millions of dollars.
US-based private equity firm Bain Capital acquired a 93% stake in Virgin Australia in 2020 after the airline filed for voluntary administration earlier that year. The airline consequently delisted from the Australian Stock Exchange (ASX). Bain picked up Australia's second biggest passenger airline for AUD3.5 billion (USD2.31 billion), including AUD731 million (USD482.6 million) in cash. As reported in ch-aviation earlier this...
18.05.2023 - 02:16 UTC
Singapore Airlines (SQ, Singapore Changi) has adjusted its fleet orderbook, cancelling eight B737-8s and swapping three B787-9s for three B787-10s, saying the changes are in line with its long-term fleet renewal strategy.
The Singapore Airlines Group, which includes Singapore Airlines Cargo and its low-cost subsidiary, Scoot, confirmed the adjustments when announcing a SGD2.7 billion Singapore dollar (USD2.01 billion) FY2022/23 net profit (the highest in its 75 year history), on May 16. The Group said it had recently reached an agreement with Boeing to make changes to the Singapore Airlines orderbook, reflecting not only the fleet renewal strategy but also its projected operational requirements.
According to notes accompanying the financial results, Singapore Airlines now has 100 aircraft on order. Boeing's unfilled order data, valid as of April 30, indicates the airline has 54 aircraft on order there, including thirty one B777-9s, ten B787-10s, and thirteen B737-8s. Airbus data reveals that manufacturer is due to deliver three A350-900s and seven A350Fs. The remaining aircraft are coming...
12.05.2023 - 03:40 UTC
Singapore Airlines Group has announced its intention to partially redeem half of the zero-coupon mandatory convertible bonds (MCBs) it issued in June 2021, as recovering air travel improves its liquidity and bolsters its balance sheet.
The Singapore Airlines (SQ, Singapore Changi) parent company said in a stock exchange filing on May 10 that the partial redemption will start on June 24 June on a pro-rata basis and at the relevant accreted principal amount, being at 108.243% of the principal of the MCBs. This will be around SGD3.4 billion Singapore dollars (USD2.55 billion), The Straits Times calculated.
However, as June 24 is a Saturday and not a working day, the redemption funds will be paid out on June 26.
“The issuer shall make, or cause to be made, payment of the redemption moneys in respect of the Rights MCBs in Singapore dollars to the depository for the account of the holders of the Rights MCBs,” the statement pledged. “This will be fully funded by SIA Group’s existing cash reserves, which stood at SGD15.4 billion [USD11.57...
08.05.2023 - 14:22 UTC
Airbus (AIB, Toulouse Blagnac) has confirmed the delivery of its first A350F to a customer will now take place in early 2026, a few months later than originally planned.
Airbus recently began machining the first components for the A350F at its Nantes plant and had originally hoped to deliver the first aircraft by the end of 2025. It did not provide a specific reason for the revised timeline.
"We are in the execution of the program, we are in the development phase, we are starting the initialisation of the product, so we are updating constantly the planning and what we have said today reflects a slight slippage of the overall planning," Interim Chief Financial Officer Xavier Tardy said during an earnings call.
The ch-aviation fleets advanced module shows that Airbus has so far gained 39 firm orders for the A350F, which will be a derivative of the A350-1000. The largest disclosed customers are Singapore Airlines and Etihad Airways, each with seven units on order.
The rival B777-8F...
