Dubai's Emirates Eyes New Aircraft Lease Deal ? World Leasing News

Jun 20, 2012

Dubai?s Emirates Eyes New Aircraft Lease Deal

Dubai?s Emirates airline EMIRA.UL, the largest customer of Airbus? A380 superjumbo, plans to lease aircraft under an arrangement with a financing firm which intends to issue bond-type certificates to fund delivery of the planes.

Doric Nimrod Air Finance Alpha (DNA2_p.L) is eyeing a possible issue of dollar-denominated Enhanced Equipment Trust Certificates (EETCs) to finance aircraft to be leased to Emirates.

Goldman Sachs Inc (GS.N) has been mandated by DNA2 to arrange investor meetings ahead of the potential issuance starting in London on June 22 before moving to the United States, according to an announcement from the bank on Tuesday.

Any subsequent transaction, which will be open to qualified institutional investors in the United States, will be subject to market conditions.

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.

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