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Air India Ltd Seeks $500 Million Bridge Loan To Buy Five Boeing Co's 787 Dreamliner Planes-DJ

Thursday, 27 Jun 2013 03:32am EDT 

Dow Jones reported that Air India Ltd is seeking a bridge loan of up to $500 million to buy five Boeing Co. 787 Dreamliner planes. The airline has asked banks and other financial institutions to submit offers for the loan by July 5, the executive told The Wall Street Journal by telephone. The new loan will be for six months to a year, and the five planes will arrive in July-December, the executive said. A bridge loan is typically used to meet payment commitments until longer-term financing is arranged. The loan won't have a federal guarantee, so Air India will offer the planes or an equivalent as security, the executive said. Air India plans to sell the five planes to leasing companies, and lease them back, the executive said. It will use the proceeds to repay the loan. 

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