MANILA, Philippines – Flag carrier Philippine Airlines (PAL) plans to raise up to $200 million or P8.5 billion via a syndicated loan this year to partly fund its ongoing re-fleeting program, central bank sources said.
The Lucio Tan-owned PAL has informed the Bangko Sentral ng Pilipinas (BSP) of its borrowing plans to finance the acquisition of new fleet. The syndicated loan with banks will partly fund the airline's ongoing expansion program which started in 2009 and will include purchases until 2013.
Sources said with the loan, PAL will purchase one......
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