Private air travel company VistaJet is in late-stage negotiations for a proposed convertible preferred equity raise led by Singaporean investment firm RRJ Capital, according to 9fin sources.

The deal is expected to be around $800m, with pricing in the mid-teens and a multiple on invested capital of at least 2x, sources said. Proceeds would help boost free cash flow by funding principal payments on VistaJet’s aircraft financing arrangements, as we’ve previously reported.

This transaction has been a long time in the making: the privately-held company mandated bankers at Citi and Jefferies to help raise capital several months ago, sources said. Even Jefferies’ chief executive Richard Handler has joined his team on calls to discuss the fundraising efforts.