Cathay Pacific Airways Ltd said it expects to repay the Hong Kong government for HKUS$19.5 billion (US$2.52 billion) of preference shares over a ...
for HK$19.5 billion of preference shares over a three- to five-year period.
The notes carry a coupon rate of 3 per cent for the first three years, rising to 5 per cent in year four, 7 per cent in year five and 9 per cent in year six, giving the airline an incentive to redeem them. Murray said the package, which also includes a HK$11.7 billion rights issue to current shareholders including Swire Pacific, 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.
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