Emirates repays USD500m bond in full, on track for 'record' year
Emirates stated (27-Mar-2011) it has repaid a USD500 million bond in full on its maturity 24-Mar-2011. The bond, listed on the Luxembourg Stock Exchange, was issued in 2004 with a seven-year term. Emirates also stated it is "on track for another record breaking financial year" in the 12 months ended 31-Mar-2011. [more]
Emirates: "The repayment of this bond is part of Emirates overall financing strategy and reflects its robust financial position. We have a well-documented expansion plan for the airline and will continue to use our normal diverse range of options available to finance that growth. The results for the first half of the 2010-11 financial year are incredibly robust, and reflect Emirates' success in growing customer demand, supported by investment in new aircraft, products and customer service. We continue to invest our profits in growing the business and our healthy financial position enables us to successfully meet all of our financial commitments and raise financing for future aircraft deliveries. Our strong position today is reflective of our ability to adapt, returning us to a vigorous period of growth. With 62 new state-of-the-art aircraft ordered in the first half, we remain well positioned to capitalise on this growth," HH Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and CEO. Source: Company Statement, 27-Mar-2011.