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Sun 21 Oct 2007 04:31 PM

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DAE raises $937mn to pay for buying spree

Dubai Aerospace Enterprise had delayed loans due to credit crunch, source says.

State-run Dubai Aerospace Enterprise (DAE) has raised $937 million in loans to pay for acquisitions, syndication manager Barclays Capital said on Sunday.

The loans were related to DAE's purchase of US plane services firms Landmark Aviation and Standard Aero Holdings from Carlyle group, Barclays said in a statement.

The loan was earlier postponed due to market conditions, sources familiar with the deal told Reuters Loan Pricing Corporation in July.

A credit squeeze triggered by defaults on US home loans in the summer prompted many firms to shelve or postpone borrowing plans.

The loans included a seven-year $557 million term loan, a $280 million asset sale bridge and a $100 million six-year revolving loan.

The statement contained no pricing details.

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