Deutsche Bank is assessing interest from banks and private credit funds in potentially providing a $200m loan to support Blackstone’s bid for Trans Maldivian Airways (TMA), according to a report by Bloomberg citing unnamed sources familiar with the matter.
The loan, which could carry an interest rate of 10% or lower, is still under negotiation, and Blackstone has yet to formally mandate the financing. Sources indicate that Blackstone’s bid for TMA is valued at under $500m.
TMA, the world’s largest seaplane operator, has attracted repeated private equity interest. Carlyle Group, alongside King Street Capital Management and Davidson Kempner Capital Management, became the majority owner in 2021 following a debt restructuring. Prior to that, Bain Capital and Tempus Group acquired the firm from Blackstone, which originally took control in 2013 after merging TMA with Maldivian Air Taxi.
With Maldives tourism rebounding post-pandemic, TMA’s operations have expanded. As of November 2023, the company operated 65 DHC-6 Twin Otters, including 13 resort-branded aircraft, and conducted over 400 daily flights.
