Rolls-Royce said to be in talks with GIC, others to raise up to $3.2b

Photo: Reuters

Britain’s RollsRoyce Holdings Plc said on Saturday it was looking to raise up to 2.5 billion pounds ($3.2 billion) in an effort to strengthen its balance sheet.

The aero-engine maker said it was considering a variety of options, including a rights issue. Debt and equity issuances are other options being considered, it added. “We continue to review all funding options to enhance balance sheet resilience and strength,” its statement said.

A Financial Times report said the company was in talks with sovereign wealth funds, including Singapore’s GIC, as part of its efforts to raise funds. An equity raise will be launched in the first weeks of October, the report added.

GIC did not immediately respond to a Reuters request for comment. RollsRoyce declined to comment beyond its statement.

The Derby-based company has been reviewing funding options for the past few months, after suffering a blow from travel restrictions linked to the COVID-19 pandemic.

It reduced at least 9,000 jobs in May, mainly in civil aviation, due to the slump in air travel and revealed its plans to sell Spanish unit ITP Aero and other assets, last month.

In July, the group said it expected a 1-billion-pound outflow in the second half of the year after burning through 3 billion pounds in the first half.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.