Financial first for Emirates
11 / 10 / 2009
EMIRATES has made a financial first for the aviation industry with its latest secured loan for three new Boeing 777-300ER aircraft.
The 12-year loan for US$413.7 million combines both bonds and loans guarantees from the US Export Import Bank. Both have previously existed as means to secure new aircraft but this is the first time that the industry has used them together.
“This transaction is very important for the industry as it represents the first offering of its kind directly into the global public capital markets,” said Emirates Airline senior vice-president, corporate treasury, Brian Jeffery. “We believe bond markets represent an important source of capital for the airline industry in general and for Emirates in particular. This could not have come at a better time for the airline industry.”