Financial Daily from THE HINDU group of publications
Monday, May 24, 2004
Financial Daily from THE HINDU group of publications Monday, May 24, 2004 |
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Airlines Emirates signs $108-m financing deal for A340-500 Vimala Vasan
Abu Dhabi , May 23 EMIRATES has signed a $108 million financing agreement for a new Airbus A340-500 aircraft. This is the first time an A340-500 has been financed by a group of international commercial banks, signalling strong confidence in this modern long-range airliner, a statement from Emirates said. The financing is for Emirates' fifth A340-500, for use on long-haul routes, including non-stop daily flights between Dubai and New York from June 1. Emirates' first four A340-500s were financed using a combination of European export credit and Islamic funding. The financing, over a 12-year term, was arranged and funded by Standard Chartered Bank, with Bank of Tokyo Mitsubishi and Lloyds TSB Bank as co-arrangers. It carried a margin of 0.80 per cent over six-month Libor.
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