Emirates Airline has repaid a $1 billion bullet bond that matured on 8 June, and is preparing to repay a separate S$150 million ($111 million) bond due later this month.
The airline says in a statement that the $1 billion bond was raised in 2011 to bolster its working capital, while the Singapore dollar bond was raised in 2006.
The redemptions are being funded through the airline’s cash resources. At 31 March this year, its cash flow from operations totalled $3.8 billion.
“The repayment of these bonds illustrates Emirates’ continued ability to access international funding and garner support from financial markets and institutions,” says chairman Sheikh Ahmed bin Saeed Al Makhtoum.
At the end of June, the airline will have paid out six bonds and sukuks (Islamic bonds) totaling $2.84 billion.
Over the 2015-16 fiscal year, it raised $7.3 billion in aircraft financing, and has committed offers in place for its deliveries over the year to 31 March 2017.