Jet to raise USD 400 m bank loan

Jet Airways India is in talks with domestic banks to raise short-term loan of USD 400 million (nearly Rs 1,800 crore) to finance pre-delivery payments (PDP) for aircraft expansion, reports Business Standard.
Jet plans to enter the market with the FCCB float at an appropriate time. However, with the market conditions deteriorating, the airline has firmed up plans to raise funds from domestic markets to meet PDP to aircraft manufacturers.
This follows the delay in its proposed foreign currency convertible bonds (FCCB) issue for USD 500 million.
It has been learnt that the airline has already paid over Rs 27 billion as PDP, raised from two leading domestic financial institutions.
26/06/06 Myiris.com

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