May 5 (Reuters) - Qantas Airways Ltd QAN.AX :
* SECURED A FURTHER $550 MILLION IN DEBT FUNDING.
* HAS NO FINANCIAL COVENANTS ON ANY EXISTING OR NEW DEBT FACILITIES AND NO SIGNIFICANT DEBT MATURITIES UNTIL JUNE 2021.
* EXPECTS TO REACH A NET CASH BURN RATE OF $40 MILLION PER WEEK BY END OF JUNE 2020
* HAS ALSO EXTENDED FLIGHT CANCELLATIONS FROM END-MAY THROUGH TO END OF JULY, WHICH WERE STILL AT PRE- CORONAVIRUS LEVELS
* AFTER FURTHER FUNDING, NET DEBT IS NOW WITHIN MIDDLE OF TARGET RANGE, AT $5.8 BILLION
* CURRENTLY HAS $2.7 BILLION IN UNENCUMBERED AIRCRAFT ASSETS AND CAN RAISE FUNDS AGAINST THESE IF REQUIRED
* SINCE MARCH, ELEVATED LEVELS OF ANNUAL LEAVE PAYMENTS FROM STANDING DOWN MORE THAN 25,000 EMPLOYEES AHEAD OF JOBKEEPER PROGRAM
* QANTAS & JETSTAR TO EXTEND EXISTING DOMESTIC & TRANS-TASMAN FLIGHT CANCELLATIONS BEYOND END-MAY THROUGH TO END OF JUNE 2020
* CURRENT STAND DOWN OF EMPLOYEES WILL NOW BE EXTENDED UNTIL AT LEAST END OF JUNE
* INTERNATIONAL FLIGHT CANCELLATIONS WILL BE EXTENDED THROUGH TO END-JULY 2020
* QANTAS, JETSTAR CUSTOMERS WITH BOOKINGS IMPACTED BY CANCELLATIONS FOR JUNE AND JULY WILL BE CONTACTED DIRECTLY, OFFERED ALTERNATIVES
* GROUP CURRENTLY OPERATING 5% OF PRE-CRISIS DOMESTIC PASSENGER NETWORK & 1% OF INTERNATIONAL NETWORK ON AN AVAILABLE SEAT KILOMETRE BASIS
* GROUP'S REMAINING BRENT CRUDE OIL HEDGING TO SEPT 2020 IS IN OUTRIGHT OPTIONS WITH NO RISK OF FURTHER HEDGE LOSSES
* "FLEET, NETWORK AND CAPITAL EXPENDITURE WILL ALL HAVE TO BE REVIEWED"
* "EXPECTING DEMAND RECOVERY TO BE GRADUAL AND IT WILL BE SOME TIME BEFORE TOTAL DEMAND REACHES PRE- CRISIS LEVELS"
* AS AT TODAY, CASH IMPACT OF ALL FOREIGN EXCHANGE & FUEL HEDGING BETWEEN NOW & END OF SEPT 2020 IS A A$145 MILLION CASH OUTFLOW
* GROUP SECURED A FURTHER $550 MILLION IN FUNDING AGAINST THREE OF ITS WHOLLY-OWNED BOEING 787-9 AIRCRAFT
* SUFFICIENT LIQUIDITY TO RESPOND TO RANGE OF RECOVERY SCENARIOS, INCLUDING ONE WHERE CURRENT TRADING CONDITIONS PERSIST UNTIL AT LEAST DEC 2021
* CURRENTLY HAS $2.7 BILLION IN UNENCUMBERED AIRCRAFT ASSETS AND CAN RAISE FUNDS AGAINST THESE IF REQUIRED