Jet Airways secures $293 million loan from PNB: Report
Shares of Jet Airways Ltd rose as much as 4.8 percent to 255 rupees, the highest in over a month, after a report said the debt-laden carrier has secured a loan of 20.50 billion rupees ($293.07 million) from the Punjab National Bank (PNB).
The airline has raised foreign currency term loans worth 11 billion rupees and a non-fund based credit facility of 9.50 billion rupees from PNB, according to copies of loan documents reviewed by Indian daily Mint. Jet and PNB did not immediately respond to a request for comment.
The loan documents mention that Jet will use the credit facility for its working capital needs, but the money would be mainly used to pay rental dues to aircraft lessors and salary arrears, Mint reported, citing a source familiar with the matter.
Jet said last week another three aircraft had been grounded due to its failure to make payments, taking the total number to 28, but it has not specified the lessors involved. The airline has an option to sell down as much as 2.50 billion rupees of the term loan to other investors, Mint added.
($1 = 69.9490 Indian rupees)
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