Five Gulf banks secure $150m to Indian Jet Airways.

Jet Airways -India announced that it has successfully concluded a five-year syndicated loan facility of $150 million from five Gulf banks.

Mashreq bank psc, was the sole Initial Mandated Lead Arranger and Book Runner for the transaction, said a company statement.

The transaction was fully subscribed to, by banks spread across the Middle East region, from Dubai, Abu Dhabi, Bahrain and Doha-based financial institutions.

The participating banks include Abu Dhabi Commercial Bank PJSC, and Commercial Bank International PJSC as the Mandated Lead Arrangers and Ahli United Bank B.S.C and Arab Banking Corporation B.S.C., as the Lead Arrangers.

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Alpen Capital acted as financial advisors to Jet Airways for the transaction.This once again reiterates the multitude of synergies developing between the Middle East and the Indian subcontinent, noted the statement.

Earlier, Abu Dhabi based Etihad Airways and Jet Airways had announced a long term strategic alliance with the investment by Etihad of a 24% equity stake in Jet Airways and a 50.1% stake in Jet Privilege Private Limited.

The partnership between the two airlines will be mutually beneficial across multiple areas including network growth, operational synergies, revenue enhancement and cost optimization.

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