Emirates signs $261m aircraft financing deal

DUBAI — Emirates, the Dubai-based airline, has signed a $261 million financing agreement with the Export-Import Bank (Exim) of the United States for two B777-300ER aircraft, scheduled for delivery in August and October 2006.

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Published: Fri 7 Jul 2006, 12:10 PM

Last updated: Sat 4 Apr 2015, 2:59 PM

Arranged by Citigroup, the 12-year financing for both aircraft combines an Exim supported loan with commercial funding, and carries a weighted average cost of funds of 0.66 per cent over three-month Libor (London Inter Bank Offered Rate).

The Exim supported loan was fully funded by Citigroup and the commercial loan was funded by Citigroup and Bayerische Landesbank. Nigel Hopkins, Emirates’ Executive Vice-President, Service Departments, said, “We are appreciative of the support of Citigroup. Including this financing, we have used US Exim Bank support on only four aircraft to date and there is further potential for US Exim Bank supported financing in helping us finance a number of Emirates’ future Boeing deliveries.”

The airline has an order book of over 100 aircraft units worth $28 billion, including 38 more Boeing 777-300ERs.

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