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Dubai 24 November 2019
Dubai Aviation Corporation (flydubai) completed a US $ 500 million 5-year co-financing on November 14, 2019.
Emirates NBD Capital Limited and Noor Bank acted as the global coordinator for these facilities, while Emirates NBD and Noor Bank acted as the Underwriter. The facilities were launched for a general consortium of banks on 18 November 2019.
Emirates NBD Capital Limited, Noor Bank and Dubai Islamic Bank acted as the first authorized regulators and underwriters.
Flydubai will use the proceeds from these facilities to refinance its first Sukuk issued in 2014 with a maturity date of November 26, 2019.
Ahmed Al Qasim, Executive Vice President and General Manager, Commercial Banking, Emirates NBD, said: “This facility demonstrates our commitment to support flydubai as a leading financial institution in the region.
“We are constantly looking for ways to diversify our funding sources while at the same time working on the best way to improve the cost of financing,” said Ghaith Al Ghaith, CEO of flydubai. We are delighted to see this good market response which enabled us to successfully complete this US $ 500 million 5-year syndicated facility to refinance the first Sukuk we issued in 2014.
