Emirates Airline, the world's third largest carrier by capacity, has repaid in full a $500m bond due this month and is on track for a “record-breaking” financial year, it said Sunday.
“The repayment of this bond is part of Emirates overall financing strategy,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, said in an emailed statement.
The bond, listed on the Luxembourg Stock Exchange, was originally issued in 2004.
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“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,” Sheikh Ahmed said.
Dubai government-owned Emirates, among the fastest-growing carriers in the world, plans to increase its fleet to eventually include 120 Airbus A380s. It is due to receive five this year.
Emirates president Tim Clarke said last month that the airline had dropped plans for a bond to finance its expansion after the uprisings in the Arab world pushed rates up.
The airline said it is on track for another record-breaking year.
“The results for the first half of the 2010-11 financial year are incredibly robust, and reflect Emirates’ success in growing customer demand,” Sheikh Ahmed said.
"Our healthy financial position enables us to successfully meet all of our financial commitments and raise financing for future aircraft deliveries."
Emirates in February said it would raise air fares on the back of rising fuel costs, caused by ongoing unrest in the Arab world.al-Maktoum (R) ruler of Dubai,
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