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Wed 12 Dec 2018 01:49 PM

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Dubai's DAE signs new $535m revolving credit facility

New facility brings Dubai Aerospace Enterprise's total unsecured revolving credit facilities to $2.1bn

Dubai's DAE signs new $535m revolving credit facility

Dubai Aerospace Enterprise (DAE) announced on Wednesday that it has signed a new four-year unsecured revolving credit facility arranged by Emirates NBD as sole mandated lead arranger and bookrunner.

The initial commitment of $535 million is from a group of eight regional banks, DAE said in a statement.

The accordion feature allows the facility to be increased to up to $600 million at any time after the initial closing, it said, adding that the facility will support the future financing needs of the business.

Firoz Tarapore, CEO of DAE said: “We are pleased to sign this facility with Emirates NBD, a leading bank in the UAE and the Middle East. This facility reinforces the strong availability of liquidity in the market and the confidence in DAE’s strategy and reputation.

"The addition of this facility substantially enhances our financial flexibility and provides yet another element of diversification to our funding strategy.”

This facility brings DAE’s total unsecured revolving credit facilities to $2.1 billion.

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