US$3.5 billion of total new long-term liquidity in last 18 months
Dubai, U.A.E., 30 September 2019 – Dubai Aerospace Enterprise (DAE) Ltd. announced today that it had signed a US$300 million 7-year unsecured term loan with a group of six banks. Abu Dhabi Commercial Bank served as Initial Mandated Lead Arranger, Bookrunner and Underwriter. The loan will be used to repay secured debt and support the future financing needs of the business.
Firoz Tarapore, Chief Executive Officer of DAE said: “We are pleased to enter into this loan led and arranged by Abu Dhabi Commercial Bank. This incremental unsecured loan further underpins our ambition to structure our funding and liquidity predominantly around unsecured debt. This transaction brings the total liquidity we have raised in the last 18 months to US$3.5 billion. This gives us considerable funding certainty to pursue our aggressive growth agenda.”
Head of Investment Banking at ADCB, Ludovic Nobili said: “We are absolutely delighted to singly arrange this long term, unsecured financing for DAE. It has been a privilege and an honour to assist DAE in achieving its strategic financing goals which include increasing the percentage of unsecured debt in the company’s overall debt structure. The level of professionalism and depth of strategic vision at DAE are unparalleled and we look forward to a very long-term partnership.”
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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.
With more than 50 years of experience, Joramco has built a sound track record as a leading commercial aircraft maintenance, repair and overhaul (MRO) facility serving a wide range of customers in the; Middle East, Europe, South Asia, Africa, Russia and the CIS countries, offering services on several aircraft models from the Airbus, Boeing, and Embraer fleets. Strategically located at a free zone area in Queen Alia International Airport in Amman-Jordan, Joramco’s facility includes 5 hangars that can accommodate up to 15 aircraft.
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