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Monday, 1 August 2016

Emirates said to be raising as much as $2.5b for A380s | GulfNews.com

Emirates said to be raising as much as $2.5b for A380s | GulfNews.com:

"Emirates, the world’s biggest airline by international passenger traffic, is seeking to raise as much as $2.5 billion to fund the purchase of Airbus Group SE A380 superjumbos, according to two people with knowledge of the deal.

The Dubai government-owned carrier plans an 18-month bridge loan priced at about 135 basis points over the London Interbank Offered Rate, said the people, asking not to be identified because the information is private. The bridge facility will later be converted to a 12-year loan to fund about 10 A380s, which will be delivered before the year end, one of the people said.

Emirates, which has built Dubai as a hub for transcontinental traffic from the US and Europe to Asia, will take delivery of 21 A380s in the fiscal year through March 2017. Profit surged 50 per cent in the financial year ended March 31 to Dh8.2 billion ($2.2 billion) as it carried more passengers and benefited from a decline in oil prices. The funding for the planes is for a combination of operating and financial leases, according to one of the people."



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