Dubai: 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 (“EMCAP”) and Noor Bank PJSC have acted as Global Coordinators and Emirates NBD Bank PJSC and Noor Bank PJSC have jointly underwritten the transaction. The Facility was subsequently launched to a general syndication on 18 November 2019.

Emirates NBD Capital Limited (“EMCAP”) Noor Bank PJSC and Dubai Islamic Bank PJSC 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 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.”

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.”

-Ends- 

About Emirates NBD

Emirates NBD (DFM: Emirates NBD) is a leading Bank in the MENAT region. As at 30th September 2019, total assets were AED 675.6 Billion, (equivalent to approx. USD 184 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Group expanding its presence to 13 countries, servicing over 14 million customers. The Bank is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.

The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Bank announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ‘Best Digital Bank in the Middle East’ at the Euromoney Awards for Excellence in 2019, affirming the Bank’s status as a digital banking leader among its regional peers.  

The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 980 branches and 3964 ATMs / SDMs. The Bank has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.

The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Bank is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.

For more information, please visit: www.emiratesnbd.com 

For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com  

Tricia Kaul
asda’a bcw; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: Tricia.Kaul@bcw-global.com  

About flydubai 

From its home in Dubai, flydubai has created a network of more than 90 destinations and over the next decade the airline will see its fleet grow by up to 236 aircraft. Since commencing operations in June 2009, flydubai has been committed to removing barriers to travel, creating free flows of trade and tourism and enhancing connectivity between different cultures across its ever-expanding network.

flydubai has marked its journey with a number of milestones that represent the scale of the ambition planned for the airline:

  • An expanding network: Created a network of more than 90 destinations in 48 countries across Africa, Central Asia, the Caucasus, Eastern Europe, the GCC and the Middle East, and the Indian Subcontinent.
  • Serving underserved markets: Opened up more than 65 new routes that did not previously have direct air links to Dubai or were not served by a UAE national carrier from Dubai.
  • An efficient single fleet-type: Operates a single fleet-type of 55 Boeing 737 aircraft.
  • Record-breaking orders: Placed the largest single-aisle aircraft orders in the region at the 2013 and 2017 editions of the Dubai Airshow.
  • Enhancing connectivity: Carried more than 75 million passengers since it began operations in 2009.

For all our latest news, please visit the flydubai Newsroom.

For further information on flydubai, please contact:
Houda Al Kaissi - Public Relations Specialist
+971 4 603 3073
m. +971 56 683 0336
houda.alkaissi@flydubai.com                   

© Press Release 2019

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