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.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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