National carrier Air India has floated a tender seeking bridge loans of up to $500 million as financing for taking delivery of four Boeing 787-8 Dreamliners numbers 15 through 18 of the carrier’s 27 aircraft order.
The carrier has arranged financing for the first 14 Dreamliners in its fleet. It is scheduled to receive its 15th Dreamliner in May 2014, 16th in June, 17th in August and 18th in November.
The airline has invited offers from banks and financial institutions for a period of six months to one year. The financially strapped state run carrier is offering the aircraft as security till the bridge loans are repaid once delivery is taken, and sale and lease-back financing have been arranged.
The tender document states that there will be no government guarantee on the bridge loans.