The Hindu Business Line : SpiceJet raises $80 m thru FCCBs

SPICEJET Ltd on Monday announced that it has raised $80 million through the issue of Foreign Currency Convertible Bonds (FCCBs) in the international market.

The funds raised from this issue would be utilised to part-finance the fleet expansion plans, stated a release. SpiceJet has placed orders for 20 Boeing 737-800 aircraft.

The subscribers to the bond issue include Goldman Sachs and Istithmar, the private equity arm held by the Government of Dubai. The bondholders have the option to convert the bonds into shares at a substantial premium over Monday's closing price of its share at the Bombay Stock Exchange.

SpiceJet informed that the bonds would be listed at Luxemburg Stock Exchange. Mr Ajay Singh, Director, SpiceJet, said,

"The Bond issue will further strengthen the financial position of SpiceJet."

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