Dubai Aerospace Enterprise (DAE), the global aviation services company, has signed agreements to enter into new long-term, unsecured revolving credit facilities worth $2.8 billion.
This move is part of DAE’s strategic efforts to strengthen its financial position and support its ongoing growth in the aviation sector.
The new facilities replace an existing $1.4 billion facility, and the maturity date of the new facilities is March 2031. The addition of the new facilities increases the company’s revolving credit facility capacity to approximately $4 billion.
Firoz Tarapore CEO – DAE
“We are delighted to announce these new facilities, which further bolster DAE’s liquidity strength. By tapping both conventional and Shari’a-compliant sources of funding, this transaction underscores the company’s exceptional access to liquidity from both our local banking partners and a globally diversified group of leading financial institutions.”
The new revolving credit facilities comprise both United States Dollar and United Arab Emirates Dirham commitments totaling $2.3 billion in conventional funding and $0.5 billion in Shari’a-compliant liquidity from 15 global financial institutions.
Emirates NBD and First Abu Dhabi Bank each acted as Initial Mandated Lead Arranger, Bookrunner, and Coordinator on the conventional facility, and Abu Dhabi Islamic Bank acted as Mandated Lead Arranger on the Shari’a-compliant facility, as per the statement.
DAE acquires Macquarie AirFinance
Last Month, DAE signed a definitive agreement to acquire 100 percent of Macquarie AirFinance Limited (MAF) in a transaction valued at approximately $7 billion.
Upon completion, the combined entity will operate a pro forma fleet of 1,029 owned, managed, and committed aircraft, serving 191 airline customers across 79 countries.
