According to IFC website, the outbreak of the COVID-19 pandemic worldwide has had a severe impact on the aviation industry, with almost all players expecting revenue declines of over 50% during 2020 and embarking upon significant downsizing in the near term. The business operations of Cebu Pacific were severely impacted, as its passenger traffic has dropped by as much as 99 percent year-on-year during Q2 2020. In this difficult time, the proposed investment presents an opportunity to enable Cebu Pacific to continue to operate as a key low-cost provider of much-needed connectivity across the country as well as the region for both tourism and business travel.
The proposed IFC investment to the Company consists of an equity-linked investment of up to US$125 million in the form of convertible bond or other similar instrument. The proposed investment includes the potential mobilization of financing from IFC Asset Management Company Emerging Asia Fund.
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Cebu Air, Inc.
Andrew L. Huang
Chief Finance Officer
Cebu Pacific Building, Domestic Road, Pasay City 1301 Philippines
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