Dubai's DAE signs $480m financing deal, could rise to $800m

Dubai Aerospace Enterprise announces landmark unsecured four-year revolving credit facility
Dubai's DAE signs $480m financing deal, could rise to $800m
By Sam Bridge
Mon 21 May 2018 02:21 PM

Dubai Aerospace Enterprise (DAE) has announced that it has signed a landmark unsecured four-year revolving credit facility with an initial commitment of $480 million which could be increased to up to $800 million.

The facility includes both conventional and Islamic tranches and will support the future financing needs of the business, the company said in a statement.

It added that First Abu Dhabi Bank and Al Ahli Bank of Kuwait acted as mandated coordinating lead arranger and mandated lead arrangers and joint bookrunners while Noor Bank was the mandated lead arranger and First Abu Dhabi Bank was global agent and Islamic investment agent.  

Firoz Tarapore, CEO of DAE said: “We are pleased to sign this landmark regional transaction led by Al Ahli Bank, First Abu Dhabi Bank and Noor Bank. This transaction underlines both the regional liquidity available to top quality names and the strength of the DAE franchise.

"This facility further diversifies our funding sources and adds to the unsecured component of our liquidity profile increasing our unsecured revolving credit facilities to US$1.125-1.445 billion depending on the final committed amount of this facility.”

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