|Saturday, 29 March 2003|
Emirates signs $ 160 m financing deal for two aircraft
Emirates has signed a US$160 million financing agreement for two new aircraft using commercial bank funds.
The financing, over a 12-year term, 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. The debt was financed on a floating rate basis at a margin of 0.80% over six-month LIBOR (London Inter Bank Offered Rate).
Dermot Mannion, Emirates' Chief Director Finance, IT and Services said: "This substantial commercial financing, supported by a range of international and local banks, is a continued vote of confidence in the airline.
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