Dubai Aerospace Enterprise announces closing of $1bn revolving credit facility

Dubai Aerospace Enterprise (DAE) Ltd has closed a new 4-year $1bn revolving credit facility with a one-year extension option, it announced today.

The latest facility replaces other ones with near-term maturity dates and represents DAE’s first facility that is priced with reference to SOFR.

The facility attracted interest from a group of banks and was oversubscribed, a statement said.

DAE announces closing of US$1 billion Revolving Credit Facilityhttps://t.co/opzflwtVbo pic.twitter.com/ENWkFXMQvk

— DAE (@dubaiaerospace) April 5, 2022

Al Ahli Bank of Kuwait – DIFC Branch, Emirates NBD Capital Limited (EMCAP) and First Abu Dhabi Bank (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 optimise our liquidity planning and grow our business. We look forward to deepening our relationship with these banks in the upcoming years.”