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Air India has repaid term loans of Rs 5,500 crore it owed to a clutch of public sector banks after private sector lender ICICI Bank raised money for the debt-laden airline through a sovereign backed bond issuance.
ICICI Bank had raised the bonds three weeks ago. Chairman and managing director of Air India Rohit Nandan confirmed retirement of Rs 5,500 crore debt through issuance of bonds to consortium of banks led by ICICI Bank. We have managed to retire Rs 5,500 crore debt and are trying to retire expensive debt with long term low-interest rates, Nandan told Financial Chroncile.
In an email response, ICICI Bank said the bonds were fully backed by unconditional, irrevocable and continuing guarantee from the centre and proceeds of the bond issue were used to refinance centre-guaranteed rupee loans of Indian banks. A part of the banks holding in the bonds was sold in the market, the email read.
Of the total quantum of Rs 5,At Occupy Phila., doubly engaged Philadelphia Inqu. 500 crore, Rs 4,Guild Wars 2 Gold 000 crore was a 15-year bond issuance at 9.84 per cent and Rs 1,500 crore was 20-year bond issuance at 10.05 per cent, said the bank.
A senior Air India official said they issued bonds at around 25 basis points lower than AAA-rated corporate bonds. He, however, declined to provide bank-wise break-up of bond issuance.
With these bond issuance, total debt of Air India has come down to Rs 39,wow gold farming guide. 500 crore from over Rs 44,000 crore earlier. Meanwhile, the national carrier submitted a proposal to the centre to help it restructure the whole debt. A decision on restructuring of debt is expected soon, union minister for civil aviation Vyalar Ravi had said recently.The banks that got compensated were Union Bank of India (Rs 1,200 crore) Fly For Fun Penya, Canara Bank (Rs 1,000 crore), Allahabad Bank (Rs 2,000 crore), Punjab National Bank (Rs 800 crore) and IDBI Bank (Rs 500 crore).
Originally hon gold, the term-loan debt was raised by Union Bank of India and Allahabad Bank that got other banks to participate in the consortium. Later, ICICI Bank arranged the money so that the debt can be repaid.A Canara Bank official said, Air India has settled our dues of Rs 1,000 crore after ICICI Bank arranged the money through a bond issuance. ICICI Bank had been selling down its exposure so current exposure of the bank will be much lower; the sovereign guarantee has helped them to down sell the bond issuance to other investors.
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