Etihad raises FFP financing from HSBC and Commerzbank

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Etihad Airways has mandated HSBC International and Commerzbank for a commercial debt loan facility amounting to €150 million ($199 million).

The facility will be used for the acquisition of a 70% stake in a new entity incorporated to own Air Berlin's Topbonus frequent flyer programme (FFP) for a total consideration of €200 million.

Etihad says it funded the remaining €50 million.

Air Berlin chief executive Hartmut Mehdorn describes the transaction as offering the German carrier an "exciting future strategy for our FFP, while improving liquidity, its balance sheet and its equity position".