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Qantas Shares Surge 20% as Company Secures $628M Financing Deal

Investing.com
·1-min read

By Alex Ho

Investing.com - Shares of the Australia-listed Qantas Airways Ltd (ASX:QAN) surged 20% on Wednesday in Asia after the company said it secured a A$1.05 billion ($627.8 million) financing deal.

This debt has been secured against its fleet of Boeing (NYSE:BA) 787s and 9s, which were bought with cash in recent years. The loan will have a tenure of 10 years at an interest rate of 2.75%.

Shares of the company last traded at A$3.12 by 1:15 AM ET (05:15 GMT), up 20.0%, after jumping as much as 30% earlier in the day.

"Over the past few years we've significantly strengthened our balance sheet and we're now able to draw on that strength under what are exceptional circumstances," Qantas Chief Executive Alan Joyce said in a statement.

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"Everything we’re doing at the moment is focused on guaranteeing the long term

future of the national carrier, including making sure our people have jobs to return to when we have work for them again," he added.

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