DAE signs $300m loan with six banks
Loan will be used to repay other debt, support financing needs
Dubai: Dubai Aerospace Enterprise (DAE) announced on Monday it has signed a $300 million loan with a group of six bank, bringing the total liquidity it has raised in the last 18 months to $3.5 billion.
The seven-year unsecured loan will be used to repay secured debt, and support the future financing needs of the company. The loan was singly arranged by Abu Dhabi Commercial Bank.
“This incremental unsecured loan further underpins our ambition to structure our funding and liquidity predominantly around unsecured debt … [The liquidity] gives us considerable funding certainty to pursue our aggressive growth agenda,” said Firoz Tarapore, chief executive officer of DAE.
DAE is aircraft leasing company based in Dubai, and serves over 125 airline customers around the world.