Carlyle Aviation Partners has sold a 1.42% stake in SpiceJet (SG, Delhi International) according to a September 25 regulatory filing. The 18.1 million share sale, sold on the open market between September 17 and 23, sees Carlyle's equity in the carrier decrease from 3.75% to 2.34% (to 29.9 million shares).
It follows Carlyle reaching a restructuring settlement with SpiceJet earlier this month that saw it write off approximately USD40 million in lease arrears. According to ch-aviation fleets data, Carlyle has 13 aircraft placed at the low-cost carrier, including three B737-900ERs, eight B737-800s, and two B737-700s.
Under the terms of the restructuring plan, Carlyle will convert USD30 million of lease debts into equity at INR100 rupees (USD1.20) per share, that when finalised, will see Carlyle's stake in SpiceJet significantly increase. Another USD20 million worth of debts were converted into compulsorily convertible debentures in cargo subsidiary SpiceXpress (Delhi International) and Logistics Private Limited. Carlyle has a recent track record of converting SpiceJet's debt into equity.
Earlier this month, SpiceJet conducted a INR30 billion (USD358.8 million) capital raising, a large portion of which will be directed towards paying outstanding airframe and engine lease debts.
