Deutsche Bank is sounding out interest from lenders and private credit funds to provide a $200m loan backing Blackstone’s proposed acquisition of Trans Maldivian Airways (TMA).

The potential financing package, which may carry an interest rate of 10% or less, remains under negotiation.
Blackstone has not yet formally mandated the funding. The bid for TMA is reportedly valued at under $500m.

TMA, the world’s largest seaplane operator, has seen significant private equity involvement over the past decade. Blackstone initially took control in 2013 by merging TMA with Maldivian Air Taxi. Ownership later transitioned to Bain Capital and Tempus Group, before shifting to Carlyle Group, King Street Capital Management, and Davidson Kempner Capital Management in 2021 following a debt restructuring.

With tourism in the Maldives surging post-pandemic, TMA has scaled its operations, flying over 400 daily services across its fleet of 65 seaplanes, including 13 aircraft branded by luxury resorts.