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24 November 2019
BUSINESS

Dubai’s flydubai secures $500 million financing facility

The proceeds will be used to refinance the budget carrier’s $500 million debut Sukuk which was issued in November 2014.

flydubai/Bloomberg

by Kudakwashe Muzoriwa

Dubai-based flydubai has secured $500 million to refinance the budget airline’s debut five-year Islamic bond, which is set to mature on 26 November 2019.

Ghaith Al Ghaith, the Chief Executive Officer of flydubai, said, “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.”

The low-cost airline stated that Emirates NBD Capital and Noor Bank acted as global coordinators while Emirates NBD Bank and Noor Bank were appointed joint underwriters on the deal.  Emirates NBD Capital and Noor Bank were joined by Dubai Islamic Bank to be the ‘mandated lead arrangers and bookrunners on the financing facility.

Speaking at the Dubai Airshow 2019, Sheikh Ahmed bin Saeed, the Chairman of flydubai, said that the airline expects significant impact in the second half of its fiscal year if the global ban on the Boeing 737 Max continues.

 


RELATED STORIES: flydubai Emirates NBD Capital Noor Bank Dubai Islamic Bank

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