DNA3 closes financing on first of four Emirates A380

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

Doric Nimrod Air Three (DNA3) has acquired the first of four Airbus A380 and placed it under a 10-year operating lease structure with Emirates Airline.

The aircraft (MSN 132), which was delivered on 29 August, is financed as part of the $630 million DNA Alpha pass through certificates offering in June 2013.

The equity capital was provided by DNA3, says asset manager Doric.

Under the EETC, $462 million of Class A notes will carry a final maturity of 9.9 years and an average life of 5.7 years, while the $168 million Class B notes are expected to mature in 6.4 years with an average life of 3.8 years.

The Class A certificates priced at 5.25% and the Class B certificates priced at 6.125%.

Citigroup, Goldman Sachs Group and Morgan Stanley are the bookrunners on $630 million on the transaction. Crédit Agricole, acting via its New York Branch, will provide separate committed liquidity facilities sized to meet the next four semi-annual interest payments.

Three more A380s (MSNs 133, 134 and 136) are to be delivered to Emirates during the third and fourth quarter, says Doric.