Pakistan International Airlines has closed a $120 million receivable-backed Islamic Facility. This three-year monthly amortizing loan was structured using PIA seats as underlying assets and secured against assignment of IATA receivables from the UAE as well as for the first time PIA’s global credit card collections aggregated by WorldPay. Citi and Mashreq bank acted as joint coordinators. Mandated Lead arrangers were:  Citi, Mashreq Bank, National Bank Bahrain, Noor Bank, United Bank Dubai and Warba Bank.  Citi also acted as account Bank for the transaction. Earlier this year, Citi also assisted PIA to close an innovative $120mn dual-tranche 4 year loan

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