flydubai has raised $500 million from its debut bond sale, Bloomberg reported citing sources with knowledge of the deal.
They added that the five-year Sukuk will be priced to yield 200 basis points, or 2% percentage points, above the benchmark mid-swap rate.
The price was cut from a guidance of about 225 basis points above mid-swaps, the sources said.
Flydubai’s Chief Executive Officer Ghaith Al-Ghaith said in October the airline would take delivery of 15 planes by the end of the year.
The airline is targeting flights to secondary airports in India as an inter-governmental agreement grants it greater access to a country that supplies millions of migrant workers to the Gulf, he added.
They added that the five-year Sukuk will be priced to yield 200 basis points, or 2% percentage points, above the benchmark mid-swap rate.
The price was cut from a guidance of about 225 basis points above mid-swaps, the sources said.
Flydubai’s Chief Executive Officer Ghaith Al-Ghaith said in October the airline would take delivery of 15 planes by the end of the year.
The airline is targeting flights to secondary airports in India as an inter-governmental agreement grants it greater access to a country that supplies millions of migrant workers to the Gulf, he added.
Source:
Mubasher
