Jet Airways (India) said that it has concluded a five-year syndicated loan facility of USD 150 million (Transaction).  Mashreqbank psc, was the sole Initial Mandated Lead Arranger and Book Runner for the Transaction.

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. 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.

Earlier, Abu Dhabi based Etihad Airways PJSC (Etihad) 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.  The partnership between the two airlines will be mutually beneficial across multiple areas including network growth, operational synergies, revenue enhancement and cost optimization.

Cramer Ball, CEO of Jet Airways, said, "Jet Airways is renowned for introducing quality to India's airline industry and it is time to re-energize and re-establish ourselves as the country's leading full-service airline. We will continue to build on this strong foundation as part of our three-year turnaround plan. This syndicated loan facility will be instrumental in underpinning the airline on this progressive path."

Shares of the company declined Rs 11.95, or 2.99%, to settle at Rs 387.55. The total volume of shares traded was 379,119 at the BSE (Monday).