Emirates seeks 777/A380 financings

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Emirates Airline is in the market seeking financing for five new widebody deliveries scheduled for this year.

Sources indicate that the Dubai-based carrier has approached financial institutions seeking commercial debt proposals for three Boeing 777-300ERs and two Airbus A380s.

The two A380s are scheduled for the autumn, sources indicate.

In March, Novus Aviation Capital closed a finance lease facility with Emirates for a new Airbus A380 delivery on behalf of Tamweel Aviation Finance.

Novus acted as overall structuring agent and provided a mezzanine tranche in the transaction.

A consortium of regional and international banks including the Arab Banking Corporation, Samba Financial Group and the Korean Development Bank provided senior financing. Arab Banking Corporation acted as facility agent.

The aircraft (MSN 142) was the third A380 finance lease transaction closed with the Middle Eastern carrier. The other two A380s closed in December 2013.