DAE obtains an unsecured revolving credit facility

Dubai Aerospace Enterprise Limited, a leading global aviation services company, today announced the signing of agreements for a new long-term unsecured revolving credit facility worth US$2.8 billion.

The new facilities will replace existing facilities worth $1.4 billion, noting that the maturity date of the new facilities is March 2031. With the addition of the new facilities, the value of the company’s revolving credit facilities will increase to about $4 billion.

The new revolving credit facility consists of commitments in US dollars and UAE dirhams, with a total of $2.3 billion in conventional financing and $0.5 billion in Sharia-compliant liquidity provided by 15 global financial institutions. Emirates NBD and First Abu Dhabi Bank have been appointed as lead lead arrangers for the conventional facilities, with Abu Dhabi Islamic Bank as lead delegates for the Sharia-compliant facilities.

Commenting on this, DAE CEO Firoz Tarapore said: “We are pleased to announce the new facilities that enhance the company’s liquidity strength. By leveraging both traditional and Sharia-compliant financing sources at the same time, these agreements confirm DAE’s ability to access liquidity from our local banking partners and a variety of the most important global financial institutions.”