Carlyle Aviation to pick up 7.5% stake in SpiceJet SpiceJet

SpiceJet has restructured over $100 million outstanding dues to Carlyle Aviation Partner, into equity shares and compulsorily convertible debentures (CCDs). Aircraft lessor, Carlyle Aviation Partners is the commercial aviation investment and servicing arm of Carlyle’s $143 billion Global Credit platform. The transaction will wipe out over $100 million debt of SpiceJet, thereby strengthening its balance sheet for future expansion. The move will substantially deleverage the company’s balance sheet. The Board of Directors of SpiceJet Ltd. on Monday approved issuing fresh equity shares of $29.5 million or Rs 244.28 crore to Carlyle Aviation Partner at Rs 48 per share or the SEBI determined price, whichever is higher. Following this transaction, Carlyle Aviation Partner will have over 7.5 per cent equity stake in SpiceJet Ltd. Additionally, SpiceJet will transfer Compulsorily Converted Debentures (CCDs) of SpiceXpress and Logistics Private Limited (SXPL), held by SpiceJet aggregating to US $65.5 million, subject to regulatory approvals. The CCDs will be converted into equity shares of SpiceXpress at an anticipated future valuation of $1.5 billion or Rs 12,422 crore.