AI completes refinance operation for its Boeing acquisition

Mumbai: Air India on Friday completed the formalities for the second tranche of the $2.6-billion US Exim Bank-guaranteed refinance facility for acquisition of 68 Boeing aircraft.
In the first tranche, Air India secured around $1.2 billion refinancing facility while in the second tranche, it will get a little over $1.3 billion, an Air India source said.
This facility accounted for 85 per cent of the refinancing while the commercial portion accounted for 15 per cent which is raised from ICICI Bank and State Bank of India.
The US Exim Bank has already issued the final installment of the first tranche of $1.2 billion which has been used for part-funding the acquisition of 10 Boeing 737-800 and seven Boeing 777-ERs and LRs for long range operations.
01/12/07 PTI/Economic Times

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