21-May-2010 10:49 AM

Air India seeks to raise USD1.15bn to refinance debt

Air India parent, the National Aviation Company of India Ltd (NACIL), announced plans to raise up to USD1.15 billion to refinance loans used to fund the acquisition of 21 Airbus aircraft (Bloomberg, 20-May-2010). NACIL is seeking rupee or US dollar denominated loans with maturity of at least 12 years, to repay a group of Indian lenders and reduce its interest payments.