Cathay Pacific to repay HK$19.5b in three to five yearsCathay Pacific Airways (0293) said it expects to repay the Hong Kong government for HK$19.5 billion of preference shares over a three to five year period, Reuters reports. The shares are part of a recapitalization package. “We would certainly be expecting to repay that over a 3-5 year period,” Chief Financial Officer Martin Murray said in an analyst briefing posted to the airline’s website late yesterday. Murray said the package, which also includes a HK$11.7 billion rights issue to current shareholders including Swire Pacific (0019) Air China, and Qatar Airways, would more than halve the airline’s gearing levels. “That in turn restores access to both the equity and debt market and allows us to tap that market later in the year or next year for equity and debt,” he said.

Source: The Standard June 10, 2020 04:29 UTC