Emirates, the largest operator of Airbus Group NV A380 planes, finalized a $425 million syndicated loan with local banks for the acquisition of two of the double-decker aircraft.
Abu Dhabi Islamic Bank, Commercial Bank of Dubai and Dubai Islamic Bank jointly financed the Shariah-compliant loan, the banks said in a joint statement. The three banks were joint bookrunners and initial mandated lead arrangers for the deal.
The transaction includes financing of Emirates’ 50th A380, which has already been delivered, according to the statement. The second plane covered by the loan is scheduled to be delivered in December.
Emirates, which has a wide-body fleet of 225 aircraft, has ordered a total of 140 A380s and is also the world’s biggest operator of Boeing Co. 777s. It’s seeking to raise about $2 billion from four loans to fund plane purchases, people familiar with the matter said in March.