Shares of Jet Airways (India) climbed 5.5 percent intraday Tuesday on successfully concluding a five-year syndicated loan facility of USD 150 million in the Gulf. The airline company said the transaction was fully subscribed 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. Mashreqbank psc was the sole initial mandated lead arranger and book runner for the transaction while Alpen Capital acted as financial advisors to Jet Airways for the transaction. "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," said Cramer Ball, CEO of Jet Airways. Earlier, Abu Dhabi-based Etihad Airways PJSC and Jet had announced a long term strategic alliance with the investment by Etihad of a 24 percent equity stake in Jet Airways and a 50.1 percent 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. At 09:48 hours IST, the stock was quoting at Rs 403.20, up Rs 15.65, or 4.04 percent on the BSE.
Tuesday 23 December 2014
Jet Airways up 5.5%, gets syndicated loan facility in Gulf
Shares of Jet Airways (India) climbed 5.5 percent intraday Tuesday on successfully concluding a five-year syndicated loan facility of USD 150 million in the Gulf. The airline company said the transaction was fully subscribed 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. Mashreqbank psc was the sole initial mandated lead arranger and book runner for the transaction while Alpen Capital acted as financial advisors to Jet Airways for the transaction. "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," said Cramer Ball, CEO of Jet Airways. Earlier, Abu Dhabi-based Etihad Airways PJSC and Jet had announced a long term strategic alliance with the investment by Etihad of a 24 percent equity stake in Jet Airways and a 50.1 percent 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. At 09:48 hours IST, the stock was quoting at Rs 403.20, up Rs 15.65, or 4.04 percent on the BSE.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment