UAE-based global aviation services company Dubai Aerospace Enterprise (DAE) has secured additional funding in order to further improve the company’s liquidity.
DAE said in a statement, the financing includes “a $780 million of new Senior Unsecured Term Financings with a weighted average maturity of 7.7 years in two transactions, each underwritten by a leading bank in the region.”
Further, the company has announced an $800 million 24 month revolving credit facility maturity extension from 2023 to 2025.
“These new financings and facility extensions underscore DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet as we navigate challenging trends in the aviation industry. This, combined with the diversity of our approximately 400 lender and investor relationships, has allowed us to operate confidently during the period. Our capital strength along with capital from our managed asset mandates has allowed us to provide in excess of $3 billion of purchase commitments to our airline clients and OEMs during the pandemic.”
Earlier this month, DAE stated that it acquired 23 new aircraft and signed 147 lease deals in the first nine months of this year. During the same period, the company sold an equal number of planes and recruited three additional managed clients.
Dubai Aerospace Enterprise (DAE) is one of the largest aircraft leasing companies in the world. It serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle. DAE’s Engineering division serves customers in Europe, Middle East, Africa, and South Asia from its state-of-the-art facility accommodating up to 15 wide and narrow-body aircraft.