"Dubai Aerospace Enterprise" Obtains unsecured revolving credit facilities of $2.8 billion
Dubai, March 24 / WAM / Dubai Aerospace Enterprise Limited announced today the signing of agreements to obtain new long-term unsecured revolving credit facilities worth $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, while the value of the company’s revolving credit facilities will increase to about $4 billion with the addition of the new facilities.
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.
Firoz Tarapore, CEO of DAE, said: “By leveraging both traditional and Sharia-compliant financing sources, these agreements confirm DAE’s ability to access liquidity from our local banking partners and a variety of the most important global financial institutions.”
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