|
Emirates has signed a US$160 million financing
agreement for two new aircraft using commercial bank funds.
The financing, over a 12-year term, was structured by Credit Agricole
Indosuez with debt co-arrangers: National Bank of Dubai, Norddeutsche
Landesbank, Kreditanstalt Fur Wiederaufbau (KfW), Mashreq Bank, Standard
Chartered Bank and BNP Paribas.
The debt was financed on a floating rate basis at a margin of 0.80% over
six-month Libor (London Inter Bank Offered Rate).
Dermot Mannion, Emirates’ Chief Director Finance, IT & Services said: "This
substantial commercial financing, supported by a range of international and
local banks, is a continued vote of confidence in the airline.
“We will continue to use a well-diversified approach in financing our fleet
requirement, using a range of financing alternatives. We are very pleased to
be involved in this financing with Credit Agricole Indosuez, which is one of
the largest players in the aircraft financing world and has been a long term
supporter of Emirates."
The financing covers one brand-new Airbus A330-200 aircraft, delivered
earlier this month, and another scheduled for delivery on 28th March.
Powered by Rolls Royce Trent 700 Series engines, the aircraft are the 25th
and 26th of 29 Airbus A330-200s currently on firm order, taking the Emirates
fleet total to 47 aircraft.
Emirates is
a launch customer of the super jumbo Airbus A380-800
and, at the last Dubai Air Show, the airline unveiled a US$15 billion
fleet expansion plan, increasing its A380 order to 22, plus 25 new Boeing
777s, eight A340-600s and three A330s - a total of 58 aircraft which will
boost its fleet to 100 by 2010. |
