SYDNEY — Qantas Airways Ltd on Wednesday secured A$1.05 billion ($627.8 million) against its aircraft fleet to help it ride out the coronavirus crisis, sending its shares soaring, as airlines in the Asia-Pacific region sliced away capacity and jobs. Qantas raised the financing against seven of its Boeing Co 787-9s for up to 10 years at a 2.75% interest rate, showing there is still low-cost funding available to airlines with strong fundamentals even as the global industry calls for more government aid to help replace an estimated $250 billion of lost revenue in 2020. "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. The airline's shares had their biggest intraday gain, rising as much as 31% before closing 26% higher. The broader Australian market was up 5.5%.

Source: International New York Times March 25, 2020 06:00 UTC