Flydubai refis sukuk to loan
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 ...
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