Dubai-based aircraft leasing firm says loan facility attracted numerous banks, substantial oversubscriptions
Dubai Aerospace Enterprise (DAE) Ltd has announced that it has successfully closed its $800 million revolving loan facility, which was launched in May of this year.
The credit facility, initially launched for an amount of $480 million, attracted a broad group of banks and achieved substantial oversubscriptions, the aircraft leasing firm said in a statement.
Al Ahli Bank of Kuwait served as the coordinating mandated lead arranger and bookrunner, and together with UAE-based First Abu Dhabi Bank (FAB) acted as mandated lead arranger and bookrunner, while Noor Bank acted as mandated lead arranger.
FAB was also the global agent, facility agent and investment agent, while Noor Bank acted as the Islamic structuring agent.
Eight additional banks entered the facility using the accordion feature to bring the total of the facility size to $800 million.
Firoz Tarapore, CEO of DAE, said: “The successful closing, and oversubscription of the credit facility is confirmation of the confidence that banks have shown in DAE’s performance and strategic plan.
"Furthermore, this strong appetite from such a large group of banks reinforces the strong liquidity available in the local and regional market. We look forward to partnering with these banks in the upcoming years to grow our business.”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.