HONG KONG -- Cathay Pacific Airways raised $650 million from its first U.S. dollar-denominated bond sale in almost three decades, as the Hong Kong flag carrier shores up its finances.
The airline, which posted a record $2.8 billion loss last year because of the coronavirus pandemic, sold 5.25-year senior unsecured notes at a 4.875% coupon compared with initial guidance of 5.2%, according to a term sheet. The offering attracted bids worth about $1.5 billion, two people familiar with the transactions said.
