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Jet Airways to raise $ 300 mn through ECB to retire high cost debt: Media Report

By Religare
Jet Airways to raise $ 300 mn through ECB to retire high cost debt: Media Report
Private carrier Jet Airways said it will raise USD 300 million through the external commercial borrowing (ECB) route to retire its high cost debt, reported PTI.

"In terms of ECB transactions, we have got the necessary approvals from the Reserve Bank to raise USD 150 million for which the documentation process is underway. "We expect to complete the transaction in this quarter. We are also working on another ECB transaction of USD 150 million," Jet Airways Acting Chief Executive Ravishankar Gopalakrishnan said.

The airline has already received sanction from one of the West Asian banks for USD 150 million ECB for which Jet has approached the RBI for its nod, he said.

The proceeds from the two ECBs and some other low-cost loans raised from the Indian market will help the airline pare its high cost debt, Gopalakrishnan said, adding, "we should be significantly in a better position at the end of March."

He said the airline has been able to reduce its debt by Rs 1,600 crore through the funds received from Etihad.

Dion Global Solutions Ltd.

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