REFILE-Carlyle takes over Trans Maldivian Airways from Bain Capital

(Correct spelling of "creditors" in second paragraph)

By Chibuike Oguh

NEW YORK, July 1 (Reuters) - Carlyle Group Inc said on Thursday it has taken a majority stake in Trans Maldivian Airways (TMA), the world's largest seaplane operator, from buyout firm Bain Capital following a debt restructuring deal.

TMA began negotiating debt relief with Carlyle and its other creditors after the airline grounded most of its fleet of 56 seaplanes last year, as the COVID-19 pandemic halted travel and tourism into the Maldives.

Terms of the transaction were not disclosed, but people familiar with the matter, who requested anonymity, said Carlyle took majority ownership of TMA from Bain in exchange for agreeing to restructure the airline's outstanding debt of about $300 million.

Lenders including hedge fund managers King Street Capital Management and Davidson Kempner Capital Management LP took stakes in TMA alongside Carlyle. Bain and Tempus Group, a Chinese tourism-focused conglomerate, retained minority stakes in TMA, according to the sources.

Carlyle said TMA's current management team will remain in place. A newly reconstituted board will include Lars Erik Nielsen, one of the airline's founders. Bain Capital had owned most of TMA since 2017, when it paid over $500 million in a leveraged buyout deal, together with Tempus, to acquire the airline from Blackstone Group Inc. Airlines are expecting that widespread vaccinations and the easing of travel restrictions will lead to a rebound in domestic and international flights as more people book trips for business and leisure.

"We anticipate the vaccination rollout will continue and we will go back to some sort of normality in the Maldives by sometime during 2022," Carlyle managing director Ian Jackson said in an interview.

Carlyle's acquisition of TMA was carried out by the private equity firm's global credit unit, which has $59 billion in assets under management. (Editing by Simon Cameron-Moore)