Tiger Air to Raise S$293.5 Million for Expansion, Repay Debt
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Tiger Airways Holdings Ltd., the budget airline partly owned by Singapore Airlines Ltd., plans to raise S$293.5 million ($236 million) to help fund its operations in Indonesia and the Philippines as well as to repay debt.
Tiger Air will sell 164.3 million new shares at 47 Singapore cents each, 34 percent discount to yesterday’s closing price, according to a statement to the Singapore stock exchange. It will also offer shareholders convertible bonds for every four shares they own, the carrier said.