SpiceJet Ltd. has entered into a term sheet agreement with Carlyle Aviation Management Ltd. to restructure its aircraft lease obligations.
As of June 30, these obligations were around $137.68 million and after the settlement and possible waivers, this amount will be reduced to $97.51 million, according to an exchange filing on Friday.
The airline plans to restructure its finances through the issuance of securities worth $30 million at Rs 100 per share, subject to the approval from the shareholders and signing of a final agreement between both parties. Carlyle Aviation will also purchase convertible debentures for $20 million from SpiceXpress and Logistics Pvt. Ltd., a subsidiary of the company, it said.
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Carlyle is valuing the stake at Rs 100, which is a huge premium to the current market price.
Further, the parties have decided to review and revise their existing lease agreements, said the filings. The lease review and revision include changing the lease duration and adjusting monthly rent, among others.
Earlier, on Friday, SpiceJet Ltd. saw its debt rise to over Rs 4,300 crore amid curtailed operations and an attempt to raise capital.
The airline, which has cut its fleet from 74 aircraft in 2019 to 28 aircraft in 2024, plans to raise about Rs 2,500 crore through a qualified institutional placement. The company has approval to raise up to Rs 3,000 crore.
Shares of SpiceJet closed 2.43% lower at Rs 61.46 apiece, compared to a 1.24% fall in the benchmark BSE Sensex.
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