Emirates has announced the successful pricing of $913 million certificates due 2025 issued by Khadrawy Ltd. and with the benefit of a guarantee by the British queen’s secretary of state acting for the Export Credits Guarantee Department (ECGD) of the UK government (currently operating as UK Export Finance (UKEF)

The proceeds from the issuance of the certificates will be used to fund the acquisition of four Airbus A380-800 aircraft, which are expected to be delivered in April, May, June and July 2015. The aircraft will be leased to and operated by Emirates.

The issuance of the certificates, in the principal amount of $913 million with a tenor of 10 years, marks the “world’s first sukuk financing supported by UKEF and the largest ever capital markets offering in the aviation space with an Export Credit Agency (ECA) guarantee.” The transaction also represents the first time that a sukuk has been used to pre-fund the acquisition of aircraft and the first sukuk financing for A380 aircraft.

“Emirates has always taken a diversified risk approach to our aircraft financing. Together with our bank partners and ECAs (UKEF, Coface and Euler Hermes), we continually look for solid and innovative opportunities in the global market to finance our growing aircraft fleet,” said Nirmal Govindadas, Emirates SVP, corporate treasury.

The certificates are expected to be issued on Tuesday (March 31) and admitted to listing and trading on the regulated market of the London Stock Exchange and on NASDAQ Dubai.

Citigroup Global Markets Ltd., HSBC Bank, J.P. Morgan Securities plc and National Bank of Abu Dhabi PJSC acted as joint structuring agents and joint lead managers; Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital Ltd. and Standard Chartered Bank acted as joint lead managers and NCB Capital Company acted as co-lead manager.