Dubai Aviation Corporation, (trading as “flydubai”) successfully completed a USD 500 million 5-year Term Financing Facility on 14 November 2019.
Emirates NBD Capital Limited and Noor Bank have acted as Global Coordinators and Emirates NBD Bank and Noor Bank have jointly underwritten the transaction.
The Facility was subsequently launched to a general syndication on 18 November 2019.
Emirates NBD Capital Limited, Noor Bank and Dubai Islamic Bank were the Mandated Lead Arrangers and Bookrunners.
The Facility will be utilised towards refinancing the carrier’s first landmark Sukuk issued in 2014, which matures on 26 November 2019.
Ahmed Al Qassim, Senior Executive Vice President & Group Head, Corporate & Institutional Banking at Emirates NBD said:
“The financing demonstrates our commitment to 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.”
Ghaith Al Ghaith, Chief Executive Officer at flydubai commented:
“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.”