Emirates signs $160 million financing for two aircraft

Published March 24th, 2003 - 02:00 GMT

Emirates has signed a $160 million financing agreement for two new aircraft using commercial bank funds. The backing covers one new Airbus A330-200 aircraft, delivered earlier this month, and another scheduled for delivery on March 28.  


The debt was financed on a floating rate basis at a margin of 0.80 percent over six-month London Inter Bank Offered Rate (Libor). The 12-year agreement 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.  


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 the main launch customer of the super jumbo Airbus A380-800. 


At the last Dubai Air Show, the airline unveiled a $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. — (menareport.com) 


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