By Reshmi Basu
New York, June 13 - Emirates Airline sold $550 million of seven-year Islamic bonds at par to yield Libor plus 75 basis points on Thursday, according to market sources.
The offering of Sukuk bonds came in line with price guidance of Libor plus 75 basis points.
The bonds were issued through Wings FZCO, which is an issuing vehicle for Emirates Airline.
Standard Chartered Bank, Dubai Islamic Bank and HSBC managed the sale.
The issuer is an airline based in Dubai.
Proceeds will be used to finance Emirates' engineering center and its new headquarters in Dubai.
| Issuer: | Wings FZCO
|
| Amount: | $550 million
|
| Issue: | Sukuk floating-rate bonds or Islamic bonds
|
| Maturity: | June 15, 2012
|
| Coupon: | Libor plus 75 basis points
|
| Issue price: | Par
|
| Spread: | Libor plus 75 basis points
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| Pricing date: | June 9
|
| Settlement date: | June 16
|
| Managers: | Standard Chartered Bank, Dubai Islamic Bank, HSBC
|
| Price guidance: | Libor plus 75 basis points
|
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