DAE signs landmark unsecured revolving credit facility

| DAE Group

signing

Initial commitment of US$480 million expandable to US$800 million

Arabic version

Dubai, U.A.E., 21 May 2018 – Dubai Aerospace Enterprise (DAE) Ltd. announced today that it has signed a landmark unsecured four-year revolving credit facility with an initial commitment of US$480 million and an accordion feature that allows the facility to be increased to up to US$800 million at any time after the initial closing. The facility includes both conventional and Islamic tranches and will support the future financing needs of the business.

The following banks are involved in the facility in the following capacities:
Mandated Coordinating Lead Arranger: Al Ahli Bank of Kuwait
Mandated Lead Arrangers & Joint Bookrunners: Al Ahli Bank of Kuwait
First Abu Dhabi Bank
Mandated Lead Arranger: Noor Bank
Global Agent & Islamic Investment Agent: First Abu Dhabi Bank

Firoz Tarapore, Chief Executive Officer of DAE said: “We are pleased to sign this landmark regional transaction lead by Al Ahli Bank, First Abu Dhabi Bank and Noor Bank. This transaction underlines both the regional liquidity available to top quality names and the strength of the DAE franchise. This facility further diversifies our funding sources and adds to the unsecured component of our liquidity profile increasing our unsecured revolving credit facilities to US$1,125 – US$1,445 million depending on the final committed amount of this facility. On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26% to a range of 31%-34%.”

Michel Accad, Group CEO of ABK said: “The financing facility for DAE is one of the largest transactions of its kind involving conventional and Islamic tranches, making it a landmark deal for the region.”

ABK (DIFC) is fully compliant with the DIFC and DFSA rules and regulations in all its dealings and operations and only transacts with corporate clients and financial institutions that are Market Counterparts or Professional Clients, as defined by the DFSA.

Representatives of Al Ahli Bank of Kuwait, First Abu Dhabi Bank and Noor Bank with DAE Chief Executive Officer Firoz Tarapore

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About DAE

Dubai Aerospace Enterprise (DAE) Ltd. is a globally recognized aerospace corporation and one of the largest aircraft leasing companies in the world. Headquartered in Dubai, DAE’s leasing and engineering divisions serve over 125 airline customers around the world from its seven locations in Dubai, Dublin, Amman, Singapore and the US.

DAE’s award-winning leasing division DAE Capital has an owned, managed and committed fleet of nearly 400 Airbus, ATR and Boeing aircraft with a fleet value of US$ 14 billion. More information can be found on the company’s web site at www.dubaiaerospace.com.

For further information, please contact:

Alec Elliott +353 87 187 9161 | Arne Bevaart +971 4 428 9591 | press.office@dubaiaerospace.com