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CATHAY PAC AIR Purchases 14 Boeing 777-9 Aircraft
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CATHAY PAC AIR (00293.HK) announced that it had exercised the purchase rights under the 2013 purchase agreement to purchase 14 Boeing (BA.US) 777-9 aircraft and secured the right to acquire up to 7 additional Boeing 777-9 aircraft from the manufacturer. The consideration for the purchase of each of the new aircraft is payable in cash in five instalments, with the first four instalments to be paid prior to delivery. It is expected that all aircraft will be delivered by 2034. The funding for the transaction will come from sources including commercial bank loans, finance leases, sale and leaseback arrangements, and cash generated from the company’s business operations. The basic price of the 14 aircraft is around USD8.1 billion (equivalent to around HKD63.2 billion). The transaction has been approved by major shareholders SWIRE PACIFIC A (00019.HK) (00087.HK) and AIR CHINA (00753.HK). AAStocks Financial News |
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