On Tuesday, Dubai Aerospace Enterprise (DAE) has announced the closing of its new 4-year $1 billion revolving credit facility, with a one-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 interest from a broad group of banks and was oversubscribed, a statement said.
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 a testament to the continuous support and confidence that banks have shown in DAE and its future outlook. We look forward to deepening our relationship with these banks in the upcoming years.”
He concluded that the facility will provide them with opportunities in optimizing their liquidity planning and growing the business.
