Mon 21-05-2018 21:34 PM
DUBAI, 21th May, 2018 (WAM) -- Dubai Aerospace Enterprise (DAE) Ltd. announced today that it has signed a landmark unsecured four-year revolving credit facility with an initial commitment of US$480 million and an accordion feature that allows the facility to be increased to up to US$800 million at any time after the initial closing. The facility includes both conventional and Islamic tranches and will support the future financing needs of the business.
Al Ahli Bank of Kuwait (ABK) coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.
Firoz Tarapore, Chief Executive Officer of DAE, said: "We are pleased to sign this landmark regional transaction lead by Al Ahli Bank, First Abu Dhabi Bank and Noor Bank. This transaction underlines both the regional liquidity available to top quality names and the strength of the DAE franchise. This facility further diversifies our funding sources and adds to the unsecured component of our liquidity profile increasing our unsecured revolving credit facilities to US$1,125 - US$1,445 million depending on the final committed amount of this facility. On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26% to a range of 31%-34%."
Michel Accad, Group CEO of ABK, said: "The financing facility for DAE is one of the largest transactions of its kind involving conventional and Islamic tranches, making it a landmark deal for the region."