Jet raises $150-million syndicated loan from West Asian lenders

Private carrier Jet Airways on Monday said it has concluded a five-year syndicated loan facility of $150 million (over Rs 950 crore). The loan facility was fully subscribed to by banks spread across the Middle East region, the airline said. Mashreqbank was the sole initial mandated lead arranger and book runner for the transaction, it said, adding the lending banks include from Dubai, Abu Dhabi, Bahrain and Doha-based financial institutions. This syndicated loan facility will be instrumental in underpinning the airline on its progressive path, Jet Airways chief executive Cramer Ball said. “The successful closure of this transaction is clear evidence of the growing liquidity available from the Middle East, favouring large leading Indian corporates,” Mashreqbank’s head of international banking group John Lossifidis said.