Dubai Aerospace Enterprise signs US$2.8bn of unsecured revolving credit facilities

Dubai Aerospace Enterprise Ltd. (DAE) has announced that it has signed agreements to enter into new long-term, unsecured revolving credit facilities worth US$2.8 billion. The new facilities replace an existing US$1.4 billion facility, and the maturity date of the new facilities is March 2031. The addition of the new facilities increases DAE’s revolving credit facility capacity to approximately US$4 billion.

The new revolving credit facilities comprise both United Arab Emirates dirham and United States dollar commitments totaling US$2.3 billion in conventional funding and US$0.5 billion in Shari’a-compliant liquidity from 15 global financial institutions. Emirates NBD and First Abu Dhabi Bank each acted as Initial Mandated Lead Arranger, Bookrunner, and Coordinator on the conventional facility, and Abu Dhabi Islamic Bank acted as Mandated Lead Arranger on the Shari’a-compliant facility.

Firoz Tarapore, Chief Executive Officer of DAE, said, “We are delighted to announce these new facilities, which further bolster DAE’s liquidity strength. By tapping both conventional and Shari’a-compliant sources of funding, this transaction underscores DAE’s exceptional access to liquidity from both our local banking partners and a globally diversified group of leading financial institutions.”

Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aviation services corporation with two divisions, DAE Capital and DAE Engineering.