New Delhi, Feb 27 : SpiceJet has restructured over $100 million outstanding dues to Carlyle Aviation Partner, into equity shares and compulsorily convertible debentures (CCDs). Aircraft lessor, Carlyle Aviation Partners is the commercial aviation investment and servicing arm of Carlyle's $143 billion Global Credit platform. The transaction will wipe out over $100 million debt of SpiceJet, thereby strengthening its balance sheet for future expansion. The move will substantially deleverage the company's balance sheet. The Board of Directors of SpiceJet Ltd. on Monday approved issuing fresh equity shares of $29.5 million or Rs 244.28 crore to Carlyle Aviation Partner at Rs 48 per share or the SEBI determined price, whichever is higher. Following this transaction, Carlyle Aviation Partner will have over 7.5 per cent equity stake in SpiceJet Ltd. Additionally, SpiceJet will transfer Compulsorily Converted Debentures (CCDs) of SpiceXpress and Logistics Private Limited (SXPL), held by SpiceJet aggregating to US $65.5 million, subject to regulatory approvals. The CCDs will be converted into equity shares of SpiceXpress at an anticipated future valuation of $1.5 billion or Rs 12,422 crore. Ajay Singh, Chairman and Managing Director, SpiceJet, said: "Carlyle Aviation Partners picking up a stake in our passenger and cargo business reinforces the huge potential of SpiceJet and SpiceXpress. Carlyle, a global aviation leader, partnering us will tremendously boost our business and this deal would be a transforming moment of change and opportunity for us. The transaction will substantially deleverage our balance sheet thereby allowing us to access fresh funds at a competitive rate and we aim to follow suit with other lessors as well in the near term." Additionally, the Board as a part of restructuring with aircraft lessor CLSEC Holdings 10 DAC (affiliate entity of Castlelake), has in-principally agreed to acquire two Boeing 737-800 airframes by purchasing entire share capital of AS Air Lease 41 (Ireland) Limited from CLSEC Holdings 10 DAC (affiliate entity of Castlelake). The Company's Board has also sought shareholders' approval to raise fresh capital of up to Rs 2,500 crore through an issue of securities to Qualified Institutional Buyers. /IANS