DAE closes $800m revolving loan facility
Strong appetite led to substantial oversubscriptions
Dubai: Dubai Aerospace Enterprise (DAE) Ltd. announced that it had successfully closed its $800 million (Dh2.94 billion) revolving loan facility, which was launched in May of this year.
The credit facility, initially launched for an amount of $480 million, attracted the appetite from a broad group of banks and achieved substantial oversubscriptions.
Al Ahli Bank of Kuwait (ABK) serves as the coordinating mandated lead arranger and bookrunner, and together with UAE-based First Abu Dhabi Bank (FAB) act as mandated lead arranger (MLA) and bookrunner, while Noor Bank acts as mandated lead arranger. FAB is also the global agent, facility agent and investment agent, whilst Noor Bank acts as the Islamic structuring agent. Eight additional banks have entered the facility using the accordion feature to bring the total of the facility size to $800 million.