Business | Aviation

Emirates raises $253m to finance Boeing 777s

Emirates has raised $253 million to finance two new Boeing 777 aircraft, the airline said on Wednesday.

  • Staff Report
  • Published: 01:15 February 21, 2008
  • Gulf News

Dubai: Emirates has raised $253 million to finance two new Boeing 777 aircraft, the airline said on Wednesday.

"The 12-year finance leases were underwritten by three global financial institutions, namely HSH Nordbank, mashreq and Mizuho Corporate Bank. HSH Nordbank also acted as facility and security agent for the lenders," the airline said.

The aircraft, a Boeing 777-200LR and 777-300ER, were delivered last month.

Brian Jeffery, Emirates senior vice-president for corporate treasury said: "This group of banks was mandated not only on the basis of attractive pricing, but also because we had confidence in them to close the deal in a tight timeframe.

"All have become significant relationship banks for us over the past few years, and we particularly appreciate HSH Nordbank's experience and commitment in arranging this transaction.

"The finance lease structure is simple yet flexible enough for our operational requirements, and is in line with our policy of using diversified funding sources."

Emirates, already operating one of the largest 777 fleets in commercial aviation, has 53 Boeing 777s yet to be delivered comprising six 777-200LRs, eight 777-200LR freighters and 39 777-300ERs.

The new aircraft will be deployed on the airline's long-haul services such as to Houston and Sao Paulo. Emirates introduced daily services to Houston on February 1 after a successful launch of three-days-a-week services last December 3.

From its Dubai hub, Emirates operates an all wide-bodied fleet of 115 aircraft to 99 destinations.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Aviation

  1. Etihad and Aldar to appeal Force India damages

  2. Dubai repays $1 billion sukuk

  3. Emirates earns Dh752m profit

  4. Emirates to increase services to Asia-Pacific

All articles in Aviation

More from Business

Gulf News
Popular in Business
Business Editor's choice
Precious jump
General

Precious jump

Gold prices at new high as India's central bank buys $6.7b worth of gold