SINGAPORE—Singapore Airlines (SIA) has successfully raised S$10 billion ($7.2 billion) in funding from the issuance of rights as well as securing new long-term and short-term loans from various sources.

On top of the S$8.8 billion raised through the previously announced rights issue—backed by SIA’s largest shareholder, government-owned Temasek Holdings—the flag-carrier said that it raised another S$900 million through long-term loans secured against an unspecified number of Airbus A350-900 and Boeing 787-10.

SIA has added a further S$500 million from a new committed line of credit and a short-term unsecured loan “with several banks.” After securing the extra liquidity, the airline said it is now on a “steady footing to tackle the challenge posed by COVID-19.”

All existing lines of credit that were scheduled to mature this year have been renewed until 2021 or later, freeing up another $1.7 billion. 

SIA CEO Goh Choon Phong said in a statement that the support of its shareholders had “secured the company’s future” amid the COVID-19 crisis, and credited SIA’s strong relationship with banks for extending loans and lines of credit. 

SIA has the option to raise up to a further S$6.2 billion in additional mandatory convertible bonds up until July 2021 if required. 

Meanwhile, SIA observer Mainly Miles has reported that the carrier has temporarily ceased offering first class cabin service on its network as all routes are currently mounted by either the A350 or 787-10, all fitted with a three-class layout: business, premium economy and economy. SIA’s 777-300s are currently carrying out cargo-only flights while its A380s are in storage.

According to Aviation Week Fleet Data Services, SIA has 48 A350s and 15 787-10s, with another 19 A350s and 29 787-10s on order.