ISTANBUL, March 19 (Reuters) - Turkish Airlines has raised around $328.3 million through a dollar-denominated Enhanced Equipment Trust Certificate, bankers told Reuters on Thursday, the first time the airline has tapped the capital markets.
The certificate, which will be used to finance new aircraft, has an expected final maturity of March 2027 and the deal is expected to be finalised later on Thursday, the bankers said. Citigroup and Goldman Sachs are the lead bookrunners.
EETCs, a special type of debt financing, ensure that lenders have direct claim over an aircraft in the event that an airline runs into financial trouble. They typically offer lower interest rates than other forms of aircraft financing.
Turkish Airlines said last month that it and its subsidiaries planned $3.74 billion in investments this year, mostly on previously ordered aircraft that will expand its fleet of 261 planes.
Chief Executive Temel Kotil said in February that Turkish Airlines was looking at the EETC financing market as it grows its fleet. (Reporting by Nevzat Davranoglu; Writing by Humeyra Pamuk; Editing by Nick Tattersall)