SpiceJet plans to raise $80 million for new planes

Low-cost carrier SpiceJet plans to raise $60 million to $80 million through a mix of equity dilution and debt, to part finance the purchase of 10 new aircraft worth around $450 million.

Deliveries for the aircraft will start in 2009.

SpiceJet has recently applied to the US Exim Bank for a $330 million to $350-million loan which, if it is sanctioned, will take care of around 80 per cent of the funds needed.

For the rest, the company may dilute 10 to 12 per cent of its equity to raise around $50 million, and raise debt of about $30 million.

If the US Exim Bank loan does not materialise, the airline may go for a sale-lease-buyback arrangement. The company is expected to make up its mind by October, a senior executive said.

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