World Bank’s lending arm IFC and investment firm Indigo Partners completed their $250m investment in Cebu Pacific, a Philippine low-cost airline. Cebu Pacific’s board approved the $250m convertible bonds investment on the day of the signing. The bonds are convertible to nearly 319m common shares at a conversion price of $0.79. The transaction closing is subject to post-signing deliverables, which the parties expect to complete over the succeeding weeks.