Air India secures $200m bridge loan for 787s

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Air India has secured $200 million in bridge loans from state-run Bank of India, local reports indicate.

The national carrier will use the loan facility to acquire three Boeing 787s before offering the aircraft under sale-and-leaseback agreements.

Earlier this month Air India issued a request for proposals for a pre-delivery payment facility to support the three upcoming deliveries.

The airline was seeking proposals from both Indian and foreign banks for a facility of up to $50 million that may be provided in one of five currencies (including US dollars, British sterling, euros and Japanese yen) with either a fixed or floating interest rate.

The three aircraft are to be delivered between June and November.

Proposals were due on 16 April.