By Julian Flemming www.iewy.com
Emirates airline announced today that it has repaid a US $500 million bond in full on its maturity date 24 March, 2011. The bond, listed on the Luxembourg Stock Exchange, was originally issued in 2004 with a seven year term.
The issuing of bonds is a normal part of Emirates operating procedures. “The repayment of this bond is part of Emirates overall financing strategy and reflects its robust financial position,” commented HH Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief Executive, Emirates Airline and Group. “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.”
Emirates is on track for another record breaking financial year which ends 31 March 2011. “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,” added HH Sheikh Ahmed.
“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.”