<p>State-run Air India has extended the deadline for lenders to submit bids for a Rs 5,800-crore bridge-loan facility to refinance seven wide-body Boeing planes, to November 22. The financial bids were to scheduled to be closed on November 14.</p>.<p>The carrier is seeking to refinance six Boeing 787s and one B777. The selloff-bound airline had on October 30 floated bids from banks/ financial institutions to refinance its existing bridge-loan facility worth USD 819 million or worth over Rs 5,800 crore by November 14.</p>.<p>"Though we received two bids, we have extended the deadline for bids to November 22 for greater participation," said a senior Air India official without naming the banks/financial institutions.</p>.<p>Air India has 27 Dreamliners (B-787s) and 15 B777s in the fleet. Of them, 21 B787s are on sale-and-lease-back and the rest six are on short-term bridge loans. Among the 15 B777s, one is on a short-term bridge loan. "The long-term financing for the six B787s and one B777 has not yet been tied up. Air India invites offers from banks/financial institutions towards refinancing of the existing bridge loan facility of USD 819 million," stated the tender document.</p>.<p>Generally, a bridge loan refers to a borrowing made till a long-term funding facility is available. The loan tenure would be "one year or till the long term take out financing is in place, whichever is earlier," the tender note added.</p>.<p>Of the total USD 819 million bridge loan, USD 135 million will be for B777s and the rest for the B787s, as per the document.</p>
<p>State-run Air India has extended the deadline for lenders to submit bids for a Rs 5,800-crore bridge-loan facility to refinance seven wide-body Boeing planes, to November 22. The financial bids were to scheduled to be closed on November 14.</p>.<p>The carrier is seeking to refinance six Boeing 787s and one B777. The selloff-bound airline had on October 30 floated bids from banks/ financial institutions to refinance its existing bridge-loan facility worth USD 819 million or worth over Rs 5,800 crore by November 14.</p>.<p>"Though we received two bids, we have extended the deadline for bids to November 22 for greater participation," said a senior Air India official without naming the banks/financial institutions.</p>.<p>Air India has 27 Dreamliners (B-787s) and 15 B777s in the fleet. Of them, 21 B787s are on sale-and-lease-back and the rest six are on short-term bridge loans. Among the 15 B777s, one is on a short-term bridge loan. "The long-term financing for the six B787s and one B777 has not yet been tied up. Air India invites offers from banks/financial institutions towards refinancing of the existing bridge loan facility of USD 819 million," stated the tender document.</p>.<p>Generally, a bridge loan refers to a borrowing made till a long-term funding facility is available. The loan tenure would be "one year or till the long term take out financing is in place, whichever is earlier," the tender note added.</p>.<p>Of the total USD 819 million bridge loan, USD 135 million will be for B777s and the rest for the B787s, as per the document.</p>