Mumbai: State-run Air India has prolonged the deadline for lenders to submit bids for a ₹5,800-crore bridge-loan facility to refinance seven wide-body Boeing planes, to 22 November.
The monetary bids had been to scheduled to be closed on 14 November.
The provider is in search of to refinance six Boeing 787s and one B777.
The selloff-bound airline had on 30 October floated bids from banks/ monetary establishments to refinance its current bridge-loan facility value $819 million or value over ₹5,800 crore by 14 November.
“Although we obtained two bids, we now have prolonged the deadline for bids to November 22 for better participation,” stated a senior Air India official with out naming the banks/monetary establishments.
Air India has 27 Dreamliners (B-787s) and 15 B777s within the fleet. Of them, 21 B787s are on sale-and-lease-back and the remainder six are on short-term bridge loans. Among the many 15 B777s, one is on short-term bridge mortgage.
“The long-term financing for the six B787s and one B777 has not but been tied up. Air India invitations affords from banks/monetary establishments in the direction of refinancing of the prevailing bridge mortgage facility of $819 million,” said the tender doc.
Typically, a bridge mortgage refers to borrowing made until a long-term funding facility is offered.
The mortgage tenure can be “one 12 months or until the long run take out financing is in place, whichever is earlier,” the tender notice added.
Of the whole $819 million bridge mortgage, $135 million might be for B777s and the remainder for the B787s, as per the doc.
This story has been printed from a wire company feed with out modifications to the textual content. Solely the headline has been modified.
