DNA2 closes third A380 financing under $587m pass through certificates

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

Doric Nimrod Air Two (DNA2) has financed another Airbus A380 for Emirates Airline under its $587.5 million pass through certificates offering.

MSN 109, which is on lease for 12 years, is the third of four A380 aircraft deliveries financed under the capital markets transaction.

Including this aircraft, Doric has 17 A380s under portfolio management.

Doric Alpha, a wholly owned subsidiary of DNA2, issued $587.5 million pass through certificates in June in which Goldman Sachs acted as sole structuring agent and sole bookrunner. It includes $434 million in Class A certificates at 5.125% interest rate and $154 million Class B certificates carrying an annual rate of 6.5%.

A diversified pool of 37 institutional investors participated in the offerings, which were more than three times oversubscribed.

The distribution by investor type was as follows: 74% asset managers, 9% pension funds, 12% fund managers, 3% insurance companies and 2% banks. The distribution by investment volume was 75% USA, 20% Europe and 5% Asia, involving a number of first time EETC investors.

The first two A380s, MSN 106 and 107, under this capital market transaction closed in the first part of October. The remaining aircraft is scheduled for delivery before the end of this year.