Society

JAL announces plan to raise Y300 billion to ride out pandemic

Sep 11 (Japan Times) - Japan Airlines Co. said Friday it will raise around Y300 billion ($2.7 billion) via a combination of subordinated loans and bonds to bolster its financial standing as the fallout from the coronavirus pandemic drags on.

The funds will also be used to introduce Airbus 350s that are considered more environmentally friendly and are expected to be the airline’s primary aircraft for international flights, JAL said.

The major airline will take out subordinated loans worth around ¥200 billion from Japanese megabanks — MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corp. — along with the state-backed Development Bank of Japan. Around ¥100 billion will be raised by issuing subordinated bonds.

JAL can avoid share dilution by using the methods. Subordinated loans can count partially as capital.

Last November, JAL raised around Y180 billion through a public stock offering and other means to survive the crisis and cover replacement costs for its fleet.

JAL has a relatively strong financial base compared to its global peers, with a capital adequacy ratio standing at 42.4% at the end of June.

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