New Issue: FlyDubai prices $500 million 3.776% notes due 2019 at 200 bps spread

By Christine Van Dusen

Atlanta, Nov. 19 – Dubai Aviation Corp. (FlyDubai) sold $500 million five-year notes on Wednesday at par to yield 3.776%, or mid-swaps plus 200 basis points, a market source said.

The notes priced tighter than talk, set first in the 225 bps area and then revised to 212.5 bps.

Credit Agricole CIB, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank and Standard Chartered Bank were the bookrunners for the Regulation S sukuk issue.

The issuer is a low-cost airline.

Issuer:	Dubai Aviation Corp. (FlyDubai)
Amount:	$500 million
Maturity:	Nov. 26, 2019
Description:	Notes
Bookrunners:	Credit Agricole CIB, Dubai Islamic Bank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Noor Bank, Standard Chartered Bank
Coupon:	3.776%
Price:	Par
Yield:	3.776%
Spread:	Mid-swaps plus 200 bps
Trade date:	Nov. 19
Settlement date:	Nov. 26
Distribution:	Regulation S
Price talk:	Mid-swaps plus 212.5 bps, revised from 225 bps area

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