Jet Airways is looking to raise $100 million to refinance rupee-based loans
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"The airline will keep refinancing more expensive rupee debt whenever possible. The move will help cut Jet's borrowing rate to 6-7%,” a person familiar with the procedure, told ET.
He did not divulge if the country's second-biggest airline by market share has initiated talks with any bank for dollar debt.
The Airlines have been looking forward to raising overseas loans, but all of its recent overseas debt deals have been done with the support of Abu Dhabi-based
Earlier this year, it received nearly Rs 700 crore from a special purpose vehicle created by Etihad in the form of non-convertible debentures, and the funds were used to refinance debt.
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While the debt of the airlines has only increased with time, overseas loans have helped it cut consolidated finance costs to Rs 885 crore as of March 2016, when 85% of its total debt was in dollar denomination, from Rs 1,083.60 crore two years earlier.
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