Dubai Aerospace Enterprise  DAE
The credit facility was signed on March 31. Image Credit: WAM

Dubai: Dubai Aerospace Enterprise Ltd (DAE) has successfully signed a $1 billion senior unsecured revolving credit facility, it announced on Tuesday. Al Ahli Bank of Kuwait, Emirates NBD Capital Ltd, and First Abu Dhabi Bank acted as the initial mandated lead arrangers and bookrunners, while Emirates NBD Bank was the facility agent on the deal.

The credit facility would primarily be utilised to consolidate and refinance DAE’s existing syndicated financing facilities, with the balance proceeds for general corporate purposes and working capital requirements. The deal represents DAE’s debut secured overnight financing rate-linked syndicated transaction and incorporates a four-year tenor, with an extension option.

The facility was signed on March 31.

DAE CEO Firoz Tarapore said: “The successful closing of the facility is testament to the continuous support and confidence that banks have shown to DAE and its future outlook. This facility will enable us to continue to optimise our liquidity planning and grow our business. We look forward to deepening our relationship with these banks in the upcoming years.”