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Australia's Rex raises $107m to launch jets against Qantas

Hong Kong private equity group PAG to hold 23% initial stake

A Regional Express Holding Ltd (Rex) airplane in Australia.    © Reuters

HONG KONG -- Hong Kong-based alternative investment manager PAG has entered into an agreement to invest up to 150 million Australian dollars ($107 million) in Australian airline Regional Express Holding Ltd. (Rex) to support the launch of its jet services between major cities, Rex said on Tuesday.

The airline said that it had signed a long-form term sheet with PAG on Monday and planned to draw on an initial convertible note tranche of A$50 million by the end of 2020, with the balance drawn over the next three years.

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