Dubai – Mubasher: Dubai Aviation Corporation (flydubai) has successfully completed a $500 million financing facility, according to a statement by Emirates NBD.
Emirates NBD Capital Limited and Noor Bank acted as Global Coordinators and jointly underwritten the transaction of the 5-year term financing facility.
The Facility was launched to a general syndication on 18 November 2019.
Emirates NBD Capital Limite, Noor Bank, and Dubai Islamic Bank (DIB) were the mandated lead arrangers and book runners.
“The financing demonstrates our commitment towards supporting flydubai. As a leading financial institution in the region, our aim is to provide innovative solutions to our valued clients in order to achieve their long-term objectives,” said Ahmed Al Qassim, Senior Executive Vice President and Group Head for Corporate and Institutional Banking at Emirates NBD.
“We continue to explore ways to further diversify our sources of funding, while at the same time optimising our cost of funding. We are pleased to see the healthy appetite in the market that has enabled us to successfully raise the five-year Term Loan for USD 500 million to refinance our first Sukuk issued in 2014,” Ghaith Al Ghaith, flydubai CEO, commented.
The facility will be utilised towards refinancing the carrier’s first landmark Sukuk issued in 2014, which matures on 26 November 2019.
