Jet Airways to raise short to medium funding through aircraft sale and leaseback
Jet Airways announced plans to raise short to medium-term funds through the sale and leaseback of 20 B737 aircraft to finance a USD213.7 million loan repayment p/a for the next three years (The Hindu Business Line, 22-May-2010). The carrier stated the carrier has received proposals for the sale and leaseback of 10 B737s form two to three leasing companies, adding the process will commence within two months. The carrier also plans to raise USD400 million from a qualified institutional placement.
Jet Airways: “We are still awaiting further clarification from FIPB (Foreign Investment Promotion Board) for our fund raising. Once that comes through we shall go (ahead),” KG Vishwanath, Vice President for Commercial Strategy and Investor Relations. Source: The Hindu Business Line, 22-May-2010.