Dubai Aerospace Enterprise (DAE), a global aviation service company, has successfully signed a $1 billion Senior Unsecured Revolving Credit Facility to secure and support existing combined finance facilities.
Al Ahli Bank of Kuwait, Emirates NBD Capital Limited, and First Abu Dhabi Bank acted as the initial mandated lead arrangers and book runners while Emirates NBD Bank operated as the facility agent on the deal.
The Facility will be used primarily to consolidate and refinance DAE’s existing syndicated finance facilities, with the rest being used for general corporate purposes and working capital requirements. The agreement represents a syndicated transaction linked to the DAE’s first Secured Overnight Financing Rate (“SOFR”) and includes a 4-year term with the extension option.
The recently signed Facility was closed with the commitment of the IMLABs and two regional banks, including the Commercial Bank of Dubai, and the National Bank of Ras Al Khaimah, joining the Facility as lenders.
Firoz Tarapore CEO Dubai Aerospace Enterprise
“The successful closing of the Facility is testament to the continuous support and confidence that banks have shown to DAE and its future outlook. This Facility will enable us to continue to optimize our liquidity planning and grow our business. We look forward to deepening our relationship with these banks in the upcoming years.”
Meanwhile, Mr. Omar Wahby, Chief Executive Officer, UAE Branches of Al Ahli Bank of Kuwait (ABK) stated that “The successful execution of the Facility underscores the close relationship between DAE and our Bank, as well as the partnership with our colleague Mandated Lead Arrangers and Bookrunners ENBD and FAB. We thank the respective transaction teams for their diligent work and look forward to supporting DAE in their strategic growth.”
