Abu Dhabi – Mubasher: Etihad Airways announced on Thursday that along with its equity partner airlines, it has increased the funds raised from their unique platform financing transaction to $700 million following a surge in demand from international financial institutions. 

Etihad Airways, Etihad Airport Services, airberlin, Air Serbia, Air Seychelles, Aliltalia and Jet Airways announced on Tuesday they had successfully raised $500 million through the deal, which followed roadshows held in Abu Dhabi, Dubai and London. 

After massive demand from financial institutions in several markets, the airlines re-opened the transaction and raised an additional $200 million, bringing the total to $700 million, the UAE-based carrier revealed, adding that the fund will be divided among the seven airlines and will be used for a mixture of capital expenditure and investment in fleet, as well as for refinancing, depending on each company’s individual needs.

“The initial success of this transaction was a clear endorsement of the shared vision and strategies of these businesses…The additional demand we have seen over the past 24 hours has been enough for us to re-open the transaction,” said Etihad’s CEO James Hogan, adding that the additional funds will allow airlines to further accelerate their realisation of their collective vision and strategies.

“Individually, each of these partners is building an increasingly strong business.  But together, that strength is multiplied.  This transaction recognises and endorses that strength,” Hogan emphasised.

Fund allocation will be carried out at around 20% each to Etihad Airways, Etihad Airport Services, airberlin and Alitalia, while Jet Airways will receive 16%, with the remainder going to Air Serbia and Air Seychelles, the Abu Dhabi-based international carried said previously.