Emirates flies in for unsecured revolver

11 Jan 2011

Emirates, Dubai’s state owned airline, is in talks with up to six banks for a $1bn revolving credit facility, according to a loans banker familiar with the borrower.

Unsecured corporate borrowing facilities for airlines are unusual with collateral in the form of aircraft usually required by lenders.

“An airline’s assets are all aircraft,” said a Middle East loans banker. “You’re lending to a company that has very little in terms of collateral. If you go back ...

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