Jin Air Issues 15.8 Billion KRW Convertible Bonds for "Operating Funds"
[Asia Economy Reporter Dongwoo Lee] Jin Air announced on the 1st that it has issued exchangeable bonds worth 15.8 billion KRW.
Jin Air issued exchangeable bonds by disposing of 688,000 treasury shares. Korea Investment & Securities acquired the Jin Air exchangeable bonds, and the bond maturity date is April 1, 2024.
Jin Air explained, "The funds raised will be used as operating capital for aircraft lease fees, fuel costs, maintenance expenses, etc.," and added, "We secured cash liquidity by disposing of treasury shares."
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Jin Air recorded its largest-ever operating loss of 184.7 billion KRW last year. The debt ratio, which was 267% in 2019, surged to 467% last year, and the total debt, borrowings, and lease liabilities to be repaid within one year amount to 193.6 billion KRW.
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