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Emirates signs $160m loan deal for two planes
DUBAI Emirates has signed a $160 million financing agreement for two new aircraft using commercial bank funds, a clear vote of confidence for the airline from the international financial community.
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, Mashreqbank, Standard Chartered Bank and BNP Paribas. The debt was financed on a floating rate basis at a margin of 0.80 per cent over six-month Libor (London Inter Bank Offered Rate).
Dermot Mannion, Chief Director of Finance, IT & Services at Emirates, said: "This 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."
Emirates said it was pleased to be involved in this financing with Credit Agricole Indosuez, one of the largest players in the aircraft financing world and a long-term supporter of Emirates. The financing covers one Airbus A330-200 aircraft, delivered earlier this month, and another scheduled for delivery on March 28.
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