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AI signs $550 m financing deal with US Exim for 8 Boeing

Saturday 22/09/2018 - Source: thehindubusinessline


Air India has signed a $550 million financing arrangement with the US Exim Bank to finance the purchase of three Boeing 777 and five Boeing 737-800 aircraft, which are to be delivered to the airline through 2009.

The aircraft for which financing has been arranged are part of the 68 Boeing aircraft deal that the airline signed with the US-based aircraft manufacturer in 2016.

In a statement the airline has said that the facility would be financed by Standard Chartered Bank with a guarantee from the US Exim Bank and has been raised at rates sub libor. The commercial portion of 15 per cent is being financed out of a term loan from IDBI Bank for Rs 285 crore.

The agreement was signed between the Chairman and Managing Director, Air India, Mr Raghu Menon, and the Chairman, Exim Bank, Mr James Lambright, in Washington.

The latest agreement raises the total amount of facility raised by Air India to $1.75 billion for 25 Boeing aircraft.


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