By Sam Bridge
DAE's 5-year dual tranche unsecured term financing facility is signed with Emirates Islamic and Emirates NBD Capital
Dubai Aerospace Enterprise (DAE) announced on Monday that it has signed a $300 million 5-year dual tranche unsecured term financing facility with Emirates Islamic and Emirates NBD Capital, the investment banking arm of Emirates NBD.
The facility will contain a conventional and an Islamic tranche and can be upsized to $600 million and will support the future financing needs of DAE’s business.
Firoz Tarapore, CEO of DAE said: “We are very pleased to enter into this agreement with Emirates Islamic and Emirates NBD Capital, and to deepen our relationship with Emirates NBD as we continue to diversify our pool of liquidity. We thank both Emirates Islamic and Emirates NBD Capital for their trust in our organisation and look forward to a continuing, long term relationship.”
Salah Amin, CEO of Emirates Islamic added: “We are committed to support the growth and development of prominent local companies like DAE. The funding demonstrates our unique capability to be the leading provider of Islamic banking solutions to corporations and individuals alike."
DAE last week announced that Moody’s Investors Service has upgraded its corporate family rating to investment grade.
The ratings agency said the rating of the aircraft leasing company had been changed from Baa3 from Ba1, and the senior unsecured rating of subsidiary DAE Funding to Baa3 from Ba2. This action concludes the review for upgrade initiated in November, the agency said, adding that the outlook is stable.