Singapore Airlines (SIA) has raised an additional $750 million from long-term loans secured on some of its Airbus A-350-900 and Boeing 787-10 planes, the carrier said yesterday.

SIA has now raised about $11 billion in liquidity since the start of its 2020-21 financial year in April, as it grapples with the impact of Covid-19 on the aviation sector.

This sum comprises $8.8 billion from a rights issue backed by Temasek, $1.65 billion from secured financing and more than $500 million from new committed lines of credit as well as a short-term unsecured loan from financial institutions.

SIA added that all existing committed lines of credit that were due to mature this year have been renewed until next year or later.

This, together with new committed lines of credit, ensures continued access to more than $2.1 billion in liquidity.

The airline also has the option to raise up to $6.2 billion in additional mandatory convertible bonds in a move that will be supported by Temasek. This option can be activated until July next year.

"During this period of high uncertainty, SIA will continue to explore additional means to shore up liquidity as necessary," it said.

Analysts have said that the significant moves by SIA to raise funds will help it to shore up a fast-depleting balance sheet and maintain investor confidence.

The company has also introduced several cost-cutting measures, such as pay cuts, but it has so far avoided retrenchments.

The coronavirus pandemic has devastated the aviation sector worldwide.

Travel restrictions introduced to combat the spread of the virus wiped out demand for air travel, with the International Air Transport Association noting that passenger demand is not expected to return to pre-crisis levels until 2023 or 2024.

SIA said on Monday that progress towards a global lifting of border controls and travel restrictions has been slower than expected.

Low passenger traffic has left about 140 of the SIA group's total fleet of about 200 planes grounded.