Emirates Airlines

Emirates Airlines raises $413.7M to finance new planes

Image via flightglobal.com

DUBAI - Emirates Airlines, the Middle East's largest carrier, said Thursday it raised $413.7 million in an Export Import Bank of the United States, Ex-Im Bank, guaranteed bond to finance new Boeing Co planes.

"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 Brian Jeffery, Senior Vice President, Corporate Treasury at Emirates.

The bond comes as Dubai's government, owner of Emirates, is struggling to ease concerns that it can service its debt pile that's estimated to exceed $80 billion.

The debt is priced at a fixed rate coupon of 3.465% per year. The secured notes are due Aug. 21 2021 and are payable in installments of principal and interest on a quarterly basis.

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