Dubai-Mubasher: A consortium led by Mashreq Bank and Citibank closed a $120 million secured syndicated Islamic facility for Pakistan International Airlines Corporation (PIA) which appointed the two banks as joint initial mandated lead arrangers, bookrunners, and coordinators for the deal, according to a statement received by Mubasher.

The consortium also involved leading banks across the GCC and South Asia, including Askari Bank Limited, National Bank of Pakistan, Noor Bank, United Bank Limited, and Warba Bank as mandated lead arrangers & bookrunners; while Bank Islam Brunei Darussalam Berhad acted as lead arranger; and Bank Alfalah Limited as arranger.

“PIA, through this transaction, has once again successfully secured a 100% Shariah compliant structured debt instrument as part of its on-going strategic capital raising program to support its intensive growth plans and evolve into the a leading international airline, said CFO of PIA Nayyar Hayat.