Philippine Airlines prices five year USD300m bond offering
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Background ✨
Philippine Airlines received a first time ‘BB’ Long Term Issuer Default Rating with a stable outlook from Fitch Ratings, with PAL stating the assessment reflected progress in strengthening its business, financial and operational foundations.1 PAL CFO Anna Isabel Bengzon said it set a USD450 million budget for 2024, up from USD170 million in 2023, with at least 80% allocated to aircraft upgrades amid expected capacity pressure from additional operators.2 PAL completed its financial restructuring in four months, emerging from voluntary Chapter 11 with over USD2 billion in balance sheet reductions and a USD505 million investment from its majority shareholder.3