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Japan Airlines raises $2.7 billion

Christian Fernsby |
Japan Airlines plans to raise about 300 billion yen ($2.7 billion) via subordinated bonds and loans to shore up its capital in case the coronavirus pandemic hurts travel demand longer than it expects.

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Japan Airlines said it secured around 200 billion yen in loans from four Japanese banks and plans to sell 100 billion yen of bonds. The financing is partly a “preventive measure” to counter the long-term business impact of COVID-19, general manager of finance Yuichiro Kito told reporters.

The funds will also be used to upgrade its fleet by procuring Airbus SE’s A350-1000 aircraft as its flagship for international lines, JAL said.

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