Jet Airways has completed a five-year syndicated loan facility of $150 million with Mashreqbank as the sole initial mandated lead arranger and book runner for the transaction, the carrier said in a press release.
It stated the transaction was fully subscribed to by banks across the middle east region. The participating banks included Abu Dhabi Commercial Bank and Commercial Bank International as the mandated lead arrangers and Ahli United Bank and Arab Banking Corporation as the lead arrangers, according to the release. Alpen Capital acted as the financial advisor to Jet Airways for the transaction, the release said.
Cramer Ball, CEO of Jet Airways, said, “This syndicated loan facility will be instrumental in underpinning the airline on this progressive path.”
John Iossifidis, head of the international banking group at Mashreqbank said the successful closure of this transaction is clear evidence of the growing liquidity available from the middle east, favouring large leading Indian corporates.
Jet Airways currently operates a fleet of 116 aircraft, and flies across 71 destinations around the world, according to the release. Earlier, Abu Dhabi-based Etihad Airways and Jet Airways had announced a long- term strategic alliance with the investment by Etihad of a 24% equity stake in Jet Airways and a 50.1% stake in Jet Privilege, the release said.