Cebu Pacific pegs share price at P38


Cebu Air Inc., the operator of Cebu Pacific, said Tuesday it has set the price of its preferred shares rights offering at P38 apiece.

Cebu Pacific told the stock exchange that the stock rights offering will run from March 3 to March 9, 2021. The shares will be listed on the local bourse on March 29.

The company is raising P12.5 billion from the rights offering.

Cebu Pacific plans to use the proceeds to repay an advance from JG Summit Philippines Ltd. amounting to P4.805 billion, and P3.91 billion for aircraft operating lease payments due in 2021.

The company also intends to use the proceeds to repay debts due in 2021 amounting to P3.328 billion and P384 million for general corporate purposes, which are primarily for passenger refunds in case cash inflows from operations become insufficient as a consequence of the COVID-19 pandemic’s impact to health and travel related concerns.

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