DAE recently signed an unsecured revolving credit facility with an initial commitment of $480 million.
Dubai Aerospace Enterprise (DAE), a Dubai-based aircraft leasing company, has signed an unsecured four-year revolving credit facility with an initial commitment of $480 million as it seeks to diversify its funding. The facility can be increased up to US$800 million any time after the initial closing, the company said.
The facility includes both conventional and Islamic tranches and will support the future financing needs of the business.
Al Ahli Bank of Kuwait and Noor Bank coordinated the facility. First Abu Dhabi Bank acted as global agent and Islamic investment agent:
Firoz Tarapore, CEO of DAE, said: “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.”
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