BJP's Amit Malviya accuses Mamata Banerjee of hiding COVID-19 figures | People's discipline during anti-Coronavirus lockdown is unthinkable: PM Modi | COVID-19 toll in India crosses 100 as country enters 13th day of lockdown | Singer Kanika Kapoor discharged from Lucknow hospital after testing negative for COVID-19 | Singer Kanika Kapoor discharged from Lucknow hospital after testing negative for COVID-19 |

Jet Airways closes 5-yr syndicated loan in the Middle East region

India Blooms News Service | 23 Dec 2014, 03:35 am
Mumbai, Dec 22 (IBNS): Jet Airways (India) Limited has successfully concluded a five-year syndicated loan facility of US$ 150 million.

Mashreqbank psc, was the sole Initial Mandated Lead Arranger and Book Runner for the Transaction.

The Transaction was fully subscribed to, by banks spread across the Middle East region, from Dubai, Abu Dhabi, Bahrain and Doha-based financial institutions.

The participating banks include Abu Dhabi Commercial Bank PJSC, and Commercial Bank International PJSC as the Mandated Lead Arrangers and Ahli United Bank B.S.C and Arab Banking Corporation B.S.C., as the Lead Arrangers. 
Alpen Capital acted as financial advisors to Jet Airways for the transaction.  This once again reiterates the multitude of synergies developing between the Middle East and the Indian subcontinent.

Earlier, Abu Dhabi based Etihad Airways PJSC (“Etihad”) and Jet Airways had announced a long term strategic alliance with the investment by Etihad of a 24 per cent equity stake in Jet Airways and a 50.1per cent stake in Jet Privilege Private Limited. 

The partnership between the two airlines will be mutually beneficial across multiple areas including network growth, operational synergies, revenue enhancement and cost optimization.

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.”  He emphasized the growing importance of partnerships in increasingly competitive environments like the Indian airline industry, and how Mashreqbank, in conjunction with its other key partner banks, has been instrumental in successfully closing the syndicated loan facility.  He added: “India has always been an essential strategic market for Mashreqbank and we remain committed to working alongside our core relationship clients, to explore different forms of capital funding.”

Cramer Ball, CEO of Jet Airways, stated: “Jet Airways is renowned for introducing quality to India’s airline industry and it is time to re-energize and re-establish ourselves as the country’s leading full-service airline.  We will continue to build on this strong foundation as part of our three-year turnaround plan. This syndicated loan facility will be instrumental in underpinning the airline on this progressive path."

Jet Airways closes 5-yr syndicated loan in the Middle East region

India Blooms News Service
Comments ()

Post your comment:

Web Analytics