So we saw a strong showing in the Election Resilience Budget yesterday, and this unyielding effort is further seen in what has to be nothing short of a government putmassive show of support by Temasek in Singapore Airlines.
I was closing out my minor US trading positions early this morning when I saw the press release on CNA, and subsequently went through the SGX announcement. Please do point out and pardon me if there are any factual errors in my summary below.
Key Transaction Highlights – Singapore Airlines Rights Issue and Convertible Bond Issuance
* Total immediate new funding of S$8.8bn, comprising S$5.3bn equity and S$3.5bn 10 year mandatory convertible CB.
* Another S$6.2bn of dry powder in the form of a similar mandatory convertible CB to be on standby
* All new funding to be fully backstopped by Temasek
Rights Issue – S$3.5bn
* 3 Rights Shares (at S$3.00 issue price) for every 2 existing SIA