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2010 Deal of the Year: Innovative

10 March 2011

Doric Nimrod Air One (DNA) lists on the London Stock Exchange .

Read more: Doric Nimrod Air One (DNA) Emirates Doric Asset Finance Westpac Banking Corporation

Property on wings

How do you entice UK investors that are more familiar with investing in real estate to fund an aircraft? You tell them to think of the aircraft as a property on wings.

On December 13 2010 Doric Nimrod Air One (DNA) listed on the London Stock Exchange raising £42.5 million ($67.5 million) to finance one A380, which will be leased to Emirates for 12 years. With the equity taken care of, Australia's Westpac Banking Corporation provided the debt with a $122 million senior secured facility.

"With this deal Doric successfully brought innovation at a time when many others were unable even to maintain the supply of vanilla products," says Brian Jeffery, senior vice-president, corporate treasury,...

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