News from Air India: According to those who requested not to be named because the information is not yet public, the six-year loan, which was funded via Gujarat International Finance-Tec City, or GIFT City, is priced at around 168 basis points more than the secured overnight financing rate.
According to those with knowledge of the situation, Air India secured around $215 million for refinancing from Standard Chartered Plc and Bank of India.
According to the persons, who requested not to be named because the loan is not yet public, the six-year loan, which was funded via Gujarat International Finance-Tec City, or GIFT City, is priced at around 168 basis points more than the secured overnight financing rate.
The money will go toward refinancing debt with shorter terms. According to the individuals, Air India formerly purchased six Boeing 777-300ER aircraft. In July, Bloomberg News revealed that Air India was looking to borrow around $200 million from a bank.
The loan follows one of the greatest aviation disasters in the nation, an Air India jet crash in June, which originally caused fund-raising discussions to stall.
Standard Chartered, Bank of India, and Air India did not immediately respond to queries for comment.
According to one of the persons, this is the first time Bank of India has taken on the role of required lead manager in a credit agreement with GIFT City.