Flydubai refis sukuk to loan

Alamy_flydubai_230x150_26nov
By Mariam Meskin
26 Nov 2019

State-owned airline Dubai Aviation Corporation, known as flydubai, has refinanced its debut sukuk into a term loan — a rare win this year for the loan market, which has declined while attractive issuance conditions boost DCM volumes.

The five year $500m syndicated term loan facility is refinancing flydubai's debut bond issuance, a $500m sukuk raised in 2014. 

Emirates NBD and Noor Bank were global co-ordinators and joint underwriters. Dubai Islamic Bank joined them as mandated lead arranger and bookrunner.

The margin is 160bp, according to a banker ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.