Loan with group of seven banks to finance 'aggressive growth agenda'
Dubai Aerospace Enterprise (DAE) has signed a $300 million seven-year unsecured term loan to repay debt and finance the future growth of the business.
The loan is with a group of six banks and brings the total liquidity raised by the company in the last 18 months to $3.5 billion.
Firoz Tarapore, chief executive officer of DAE, said: “This gives us considerable funding certainty to pursue our aggressive growth agenda.”
Abu Dhabi Commercial Bank served as initial mandated lead arranger, bookrunner and underwriter.
Head of Investment Banking at ADCB, Ludovic Nobili, said: “The level of professionalism and depth of strategic vision at DAE are unparalleled and we look forward to a very long-term partnership.”
In August, DAE reported a small rise in profit for the first six months of the year to $197.1m. The figures compared to the $195.2m profit registered in the year-earlier period.
While, earlier this month, DAE announced that it has been mandated by one of the world’s largest fund managers to source and manage aircraft valued at approximately $1.4bn.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.