DAE announces closing of US$1 billion Revolving Credit Facility
Dubai, U.A.E., 5 April 2022 – Dubai Aerospace Enterprise (DAE) Ltd today announced that it had successfully closed a new 4-year US$1 billion Revolving Credit Facility with a 1-year extension option. The Facility replaces other facilities with near-term maturity dates and represents DAE’s first facility that is priced with reference to SOFR. The Facility attracted the appetite from a broad group of banks and was oversubscribed.
Al Ahli Bank of Kuwait K.S.C.P – DIFC Branch (“ABK”), Emirates NBD Capital Limited (“EMCAP”) and First Abu Dhabi Bank PJSC (“FAB”) served as the Mandated Lead Arrangers and Bookrunners. EMCAP also acts as a Facility Agent for the banking syndicate.
Firoz Tarapore, Chief Executive Officer of DAE said, “The successful closing of this Facility is testament to the continuous support and confidence that banks have shown in DAE and its future outlook. This Facility will enable us to continue to optimize our liquidity planning and grow our business. We look forward to deepening our relationship with these banks in the upcoming years.”
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About DAE
Dubai Aerospace Enterprise (DAE) Ltd. is a global aviation services company headquartered in Dubai. DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York and Seattle.
DAE’s award-winning Aircraft Leasing division has an owned, managed, committed and mandated to manage fleet of approximately 425 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$16 billion. DAE’s Engineering division serves customers in Europe, Middle East, Africa and South Asia from its state-of-the-art facility accommodating up to 17 wide and narrow body aircraft. It is authorized to work on 13 aircraft types and has regulatory approval from over 25 regulators globally. More information can be found on the company’s web site at www.dubaiaerospace.com.
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