AMMAN -- Royal Jordanian Airlines (RJ) announced on Wednesday in a press statement the successful closure of its $ 275 million dual conventional and Islamic secured syndicated facility. The syndicate, comprising seven banks based in Jordan, the United Arab Emirates and Qatar, were Mashreq,
Arab Bank, Al Khalij Commercial Bank (Al Khaliji), Dubai Islamic Bank, and Commercial Bank/Qatar acting as mandated lead arrangers, Arab Jordan Investment Bank as lead arranger and Bank Al Etihad as arranger.
Mashreq Bank acted as the sole book-runner for the loan. "The facility carries a tenor of 5 years and proceeds will primarily consolidate and refinance RJ's existing debt and further support the company's on-going strategic growth and turnaround plans on the short- and medium-run," the statement said.
"Having received an overwhelming response from the market, the facility exceeded the initial target amount, exemplifying the synergies developing between the Middle East and Levant region." RJ Chairman Suleiman Hafez said: "Royal Jordanian has successfully secured a hybrid structured debt instrument as part of the airline's on-going strategic capital raising programme, to support its intensive turnaround and growth plans to evolve into one of the leading airlines in the Levant and Middle Eastern region."
© Jordan Times 2016