SpiceJet restructures dues to Carlyle Aviation, to raise fresh capital

BENGALURU (Reuters) -India’s SpiceJet Ltd said on Monday it will convert around $100 million in dues to an aircraft lessor into equity and debentures and raise fresh capital of $300 million, sending the shares up as much as 6%.

The low-cost carrier will convert its dues to Carlyle Aviation Partners into new shares worth $29.5 million, giving the commercial aviation investment and servicing arm of Carlyle Group Inc a 7.5% stake in the company.

The airline will also transfer $65.5 million worth of compulsorily converted debentures of SpiceXpress and Logistics to Carlyle Aviation.

Carlyle will convert the debentures of SpiceXpress, a separate airline cargo company owned by SpiceJet, into shares of the cargo business at a later date.