SPICEJET RESTRUCTURES DUES TO CARLYLE AVIATION; TO CONVERT PART DUES INTO EQUITY - DETAILS

Budget carrier SpiceJet, on Friday, said that the airline has 'restructured' the $137.68 million it owes to lenders Carlyle Aviation Management Limited (CAML). In an exchange filing, SpiceJet said that it has entered into a term sheet to adjust the outstanding dues of $137.68 million to $97.51 million. It further added that the outstanding amount will be adjusted by SpiceJet issuing shares at Rs 100 apiece to CAML.

SpiceJet restructures dues to Carlyle Aviation; to restructure part dues into equity - Details

"... have entered into a term sheet (“Term Sheet”) to restructure certain aircraft lease obligations of SpiceJet aggregating to USD 137.68 million (as of June 30, 2024), which upon settlement/waivers will be adjusted to USD 97.51 million," SpiceJet said in an exchange filing.

As a part of the arrangement, SpiceJet will issue shares worth $30 million to CAMS at a price of Rs 100 per share. At Rs 100 apiece, the cost of these shares is higher than the current market price of SpiceJet which closed the session at Rs 61.46 apiece. With this CAMS will be increasing its stake in SpiceJet.

CAMS will also 'consider purchasing, via the exchange of lease arrears, compulsorily convertible debentures (“CCDs”) of SpiceXpress & Logistics Private Limited (a subsidiary of the Company) in a principal amount of USD 20 million, ranking senior to all other existing and future equity or equity-linked securities of SpiceXpress'.

Meanwhile, earlier during the day, SpiceJet announced that it would be raising fresh capital worth Rs 2500 crore via QIPs. "Plan to Raise Rs.2,500 Cr through QIP and Rs 736 Cr through Previous Warrants and Promoter Infusion," the airline said in a regulatory filing.

2024-09-06T17:20:14Z dg43tfdfdgfd