CEBU AIR, Inc., the listed operator of budget carrier Cebu Pacific, announced on Monday that it had signed an agreement to receive $250-million investment in the form of convertible bonds with International Finance Corp., IFC Emerging Asia Fund, and Indigo Philippines LLC.

The agreement was signed on April 16 after the company’s board of directors’ approval, Cebu Air said in a disclosure to the stock exchange. “Transaction closing is subject to post-signing deliverables, which the parties expect to complete over the succeeding weeks,” it added. It said the number of underlying shares for the convertible bonds is 318.75 million common shares with P38 conversion price.

The International Finance Corp. is a member of the World Bank Group. It is the world’s largest development institution focusing solely on the private sector in developing countries, according to Cebu Air.

Read More

Source: Business World

By Arjay L. Balinbin