Budget carrier AirAsia Gets US$443mil private credit funding

BUDGET carrier AirAsia Bhd has secured a $443 million dual-tranche private financing to use partly for refurbishing planes grounded during the pandemic, according to people familiar with the matter.

Private credit funds Ares Management Corp. and Indies Capital Partners Pte. Ltd. provided a $200 million tranche for the refurbishment of the aircraft to get them back in the air, said the people who asked not to be identified discussing private matters. Aircraft lessors provided the other $243 million portion to refinance lease liabilities.