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Emirates signs $265m financing deal
DUBAI — Emirates, the Dubai-based international airline, has signed a $265 million financing agreement with the Export-Import Bank (Ex-Im) of the United States for two B777-300ER aircraft, scheduled for delivery in February and March 2006.
This is the first time that Emirates has used support from the US Ex-Im Bank, and creates a new source of aircraft financing for the airline’s rapidly-expanding fleet.
The financing for the two B777-300ER aircraft is fully arranged and funded by Royal Bank of Scotland (RBS).
The innovative 12-year financing, which combines an Ex-Im supported loan with commercial funding, carries a weighted average cost of funds of 0.67 per cent over three-month Libor (London Inter Bank Offered Rate).
Riyaz Peermohamed, Emirates’ senior vice president, corporate treasury, said: "This US-Ex-Im financing opens up yet another new and important source of financing and is a vote of continued confidence in Emirates."
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