Jet Airways raises Rs 950-cr loan from West Asia lenders

Private carrier Jet Airways on Monday said it has concluded a five-year syndicated loan facility of $150 million (over Rs 950 crore). The loan facility was fully subscribed to by banks spread across the West Asia region, the airline said in a release.

Private carrier Jet Airways on Monday said it has concluded a five-year syndicated loan facility of $150 million (over Rs 950 crore).

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The loan facility was fully subscribed to by banks spread across the West Asia region, the airline said in a release.

Mashreq Bank was the sole initial mandated lead arranger and book runner for the transaction, Jet Airways said, adding that the lending banks include from Dubai, Abu Dhabi, Bahrain and Doha-based financial institutions.

This syndicated loan facility will be instrumental in underpinning the airline on its progressive path, Jet Airways chief executive Cramer Ball said, adding, “we will continue to build on the strong foundation as part of our three-year turnaround plan.”

“The successful closure of this transaction is evidence of the liquidity available from West Asia favouring leading Indian corporates,” Mashreq Bank’s head of international banking, John Lossifidis said.