Emirates has raised US$297 million for the financing of two Boeing aircraft in an innovative German Operating lease structure arranged by Doric Asset Finance & Verwaltungs GmbH.
Powered by General Electric GE90 series engines, one Boeing 777-200LR was delivered in November and the next, a Boeing 777-300ER, is scheduled for delivery this month.
The transactions involve a long-term operating lease for a period of 10 years with extension options. Financing was arranged by Doric Asset Finance and Norddeutsche Landesbank Girozentrale, in cooperation with Dr. Peters Group.
Brian Jeffery, Emirates’ Senior Vice President Corporate Treasury said: “These innovative leases provide very competitive pricing for Emirates with ample flexibility, which are both key elements in our financing strategy. We appreciate the research put in by Doric for this structure. Both Doric and Nord LB are important partners for us, as we engage on a hectic financing program over the coming years.”
Emirates has 56 Boeing 777s pending delivery, comprising: seven 777-200LRs, eight 777 freighters and 41 777-300ERs. These new aircraft will support Emirates’ expanding services around the world.
With its 777-200LRs, Emirates launched non-stop services between Dubai and Houston on December 3, and also introduced non-stop services to Sao Paulo in Brazil on October 1, marking the first ever non-stop flight between the Middle East and South America. In addition, Emirates currently operates three daily flights from New York’s JFK (two non-stop and one via Hamburg).
Independent and financially self-sustained, Emirates is one of the world’s most successful international airlines. From its Dubai hub, Emirates operates an all wide-bodied fleet of 112 aircraft to 99 destinations in 62 countries. This year it has launched passenger services to Venice, Newcastle, Sao Paulo, Toronto, Ahmedabad and Houston.