Shariah compliant: PIA acquires $90m financing facility
The transaction is expected to be upsized to $100 million with Warba Bank in Kuwait joining the facility
DUBAI:
Pakistan International Airlines Corporation (PIA) has acquired a $90 million Shariah compliant financing facility, Gulf News reported on Monday. It was arranged by Abu Dhabi Islamic Bank, Al Hilal Bank, Citibank NA and United Bank Limited as mandated lead arrangers and joint bookrunners. Clifford Chance and Haidermota & Co. acted as legal counsel to the arrangers. PIA was represented by Mandviwalla & Zafar. The transaction is expected to be upsized to $100 million with Warba Bank in Kuwait joining the facility as a lead arranger.
Published in The Express Tribune, December 13th, 2011.
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