State-owned Nepal Airlines has released a call for proposals for $1.08 billion in financing from international lenders.

The financing is split into $415 million for refinancing existing loans, $565 million for additional aircraft purchases and $38 million for aircraft hangar investments, according to the expression of interest document.

The Kathmandu-based carrier is seeking proposals for 25-year loan terms bearing a fixed interest rate, secured by lien over the assets and equipment used as collateral. Proposals in Nepalese rupees or US dollars will be accepted accounting for foreign exchange risk.

The lender should have “at least financed two major projects amounting to $1 billion each in the last seven years,” according to the document. Lenders should also have the licence to conduct financial transactions internationally or provide foreign lending in Nepal.

Proposals must be submitted by 7 March.

Update: Nepal Airlines has re-issued a request for proposals for over $1 billion in financing from Nepalese and international lenders after expressions of interest in the previous tender were “insufficient in number”.

Expressions of interest are due to be submitted by 11 April.