A total of eight new senior unsecured term financing agreements totaling $800 million have been signed by UAE-based aircraft lessor Dubai Aerospace Enterprise (DAE), with a weighted average duration of 5.5 years. Each facility was underwritten by a leading bank in the region, the company said in a statement on Tuesday.
“The signing of these financing facilities underscores DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet,” said Firoz Tarapore, Chief Executive Officer of DAE.
“We have no near-term debt maturities, providing us with significant flexibility in the current interest rate environment.” Earlier this month, DAE increased its bond repurchase programme by $300 million.
In its financial statement for the nine months ended September 30, the plane lessor said that available liquidity was 2.8 billion, a shade lower year-on-year. Its unsecured debt to total debt ratio climbed from 69.8% at the end of December 2021 to 72.1% as of September 30.
