January 10, 2018 / 11:39 AM / a year ago

Israel's El Al to get $135 mln in loans from foreign banks

TEL AVIV, Jan 10 (Reuters) -

* El Al Israel Airlines said on Wednesday it signed a memorandum of understanding for loans of $135 million from foreign banks to finance the purchase of a 787-900 jet from Boeing.

* The aircraft was purchased in October 2015 and will be delivered in the first quarter of 2018.

* The financing includes a senior loan of $114 million to be paid off quarterly over 12 years and a junior loan of $21 million to be paid back over six years.

* The aircraft will serve as collateral for the financing, which is still subject to the signing of a definitive agreement. (Reporting by Tova Cohen)

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