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Latham advises Cebu Air Inc in US$250 million fund raising

May 24, 2021
Low-cost air carrier to use funds to secure recovery in the wake of the pandemic.

Cebu Air Inc, the Philippines' leading airline, has successfully raised US$250 million in convertible bonds from the International Finance Corporation (IFC), the IFC Emerging Asia Fund, and Indigo Philippines LLC, an affiliate of Indigo Partners LLC. The investment will provide the airline with a longer liquidity runway to help the company withstand the effects of the pandemic until economic activity and travel demand recovers.

IFC has been an active investor in private sector airlines in emerging markets around the world, and Indigo Partners is a private equity firm specializing in the aviation sector.

Latham & Watkins LLP represented Cebu Air Inc in the fundraising with a deal team led by Hong Kong partner Benjamin Carale and Singapore partner Marcus Lee, with associate Gwenlynne Lee.