Hainan Airlines to borrow USD1.1bn from bank syndicate

Hainan Airlines announced (30-Nov-2018) plans to borrow CNY7.5 billion (USD1.1 billion) from a syndicate of banks, with the funds to be used for operational expenses such as purchasing aviation fuel, aviation materials and maintenance and landing fees. The National Development Bank is the lead and agent bank and will provide CNY1.5 billion (USD216 million) while Exim Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of China and Postal Savings Bank of China will provide CNY1 billion (USD144 million) each. The loan period is three years, while the grace period is one year.