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Emirates $587.5 million aircraft lease deal price talk issued

Emirates-Islamic-Bond

Doric Nimrod Air Finance Alpha, the aircraft leasing firm planning to issue bonds to help finance the sale of four Airbus A380 planes for Emirates airline , released initial price thoughts for the deal on Thursday.

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June 28, 2012 4:51 by



Doric Nimrod Air Finance Alpha, the aircraft leasing firm planning to issue bonds to help finance the sale of four Airbus A380 planes for Emirates airline , released initial price thoughts for the deal on Thursday.

The $433.8 million Class A notes with a 10.4-year expected maturity could price in the range of 5.25 and 5.5 percent, while the $153.7 million Class B notes with a 6.9 year maturity may price between 6.75 and 7 percent.

The Class A notes carry an expected rating of A3, with the Class B notes provisionally scored at Baa3.

The company said last week it was planning a two tranche issue of Enhanced Equipment Trust Certificates (EETCs) worth $587.5 million to help fund the planes which will be leased to Emirates.

An EETC is a financial security used in aircraft finance where the airline gets ownership of the planes on maturity of the certificates. The transactions are similar to a form of secured debt financing like mortgages.

While often used by airlines in Europe and the United States, EETC transactions from the Gulf Arab region – home to some of the fastest-growing carriers in the world – are extremely rare.

Goldman Sachs is sole bookrunner on the transaction, which is this week’s business.

(Reporting by Rachna Uppal; Editing by David French)



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