Saudia to raise SAR5 billion in 2Q2016 sukuk offering for debt refinancing, fleet expansion
Saudi Arabian Airlines (Saudia) is planning a SAR5 billion Islamic bond (Sukuk) in 2Q2016, to refinance its current debt portfolio and finance the purchase of new aircraft, the company's director general, Saleh Al Jasser, was quoted by Bloomberg as saying on the sidelines of the Bahrain airshow. Saudia plans on expanding its fleet to 200 aircraft from its current fleet of 157, according to a fleet tracking website cited by Reuters. The company will receive 29 new aircraft in 2016 to increase the number of trips on existing routes, while introducing new routes to the Maldives, Munich, Algiers and Ankara. Also, airline expects to retire c19 aircraft in the coming years. (Reuters, Bloomberg)
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