PIA ropes in UAE lenders for Dh330m finance

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Salman Haider
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PIA ropes in UAE lenders for Dh330m finance

Post by Salman Haider » Mon Dec 12, 2011 10:29 am

PIA ropes in UAE lenders for Dh330m finance
December 12, 2011

The transaction is expected to be upsized to $100 million

Dubai: Pakistan International Airlines Corporation (PIA) said, it has executed facility documentation for a $90 million (Dh330 million) Shari'a compliant financing facility.

The facility was arranged by Abu Dhabi Islamic Bank, Al Hilal Bank, Citibank N.A., and United Bank Limited as Mandated Lead Arrangers and Joint Bookrunners. Clifford Chance and Haidermota & Co. acted as legal counsel to the arrangers. PIA was represented by Mandviwalla & Zafar.

The transaction is expected to be upsized to $100 million with Warba Bank in Kuwait joining the facility as a Lead Arranger. The three-year facility will be used for PIA's general corporate purposes and reflects investor confidence in the airline and its strategic importance to Pakistan.

The facility represents the first syndicated commercial foreign currency financing for a Pakistani obligor since 2007.

PIA's Deputy Managing Director, M. Salim Sayani, Chief Financial Officer Nayyar Hayat, and Deputy General Manager, Shahid Munir, were in Dubai for the signing ceremony.

Source: http://gulfnews.com/business/aviation/p ... e-1.949313

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