Cathay Pacific applies for $2 bln medium term note

Date:2011-08-24qulina  Text Size:

In an emailed press release, Hong Kong's dominant carrier said the listing of the Programme was expected to become effective on Aug. 26, 2011.

"Our finances are in very good shape, and this programme is a prudent measure that will enable us to broaden our sources of funding and increase our financial flexibility," Chief Executive John Slosar said.

"The programme allows the company to issue up to US$2 billion in bonds, though we do not have any firm plans at the moment to do so."

Earlier in August Cathay posted a better than expected 59 percent fall in first-half net profit on soaring fuel costs and placed an order for 12 Boeing aircraft with a list price of $3.28 billion.

High fuel costs, coupled with an uncertain outlook of the global economy and continuing cargo softness, have slashed the company's share price by more than a quarter this year. (Reporting by Farah Master; Editing by Will Waterman)

 

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