The equity raising exercise is expected to be launched in the first quarter of 2023 but will be subject to “conducive market conditions” and regulatory approvals. When asked what happens if the market is not conducive to launching the rights issue, Sats chief financial officer Manfred Seah said at a briefing on Dec 1 that the company will wait for a better time but stressed that the important thing for shareholders is to vote at the upcoming EGM whether they are in favour of the WFS transaction.
Airline ground handler and food catering services provider Sats has released more details about its funding plan for its EUR1.2 billion ($1.7 billion) acquisition of global cargo handler Worldwide Flight Services (WFS).
The final funding plan comes to $1.8 billion and will consist of $800 million in a renounceable underwritten rights issue, a $700 million term loan, and $320 million from the company’s existing cash.
