Dubai Aerospace Enterprise (DAE) Ltd today announced that it had successfully closed a new 4-year US$1 billion Revolving Credit Facility with a 1-year extension option.
The Facility replaces other facilities with near-term maturity dates and represents DAE’s first facility that is priced with reference to Secured Overnight Financing Rate (SOFR). The Facility attracted the appetite from a broad group of banks and was oversubscribed.
Al Ahli Bank of Kuwait K.S.C.P – DIFC Branch (ABK), Emirates NBD Capital Limited (EMCAP) and First Abu Dhabi Bank PJSC (FAB) served as the Mandated Lead Arrangers and Bookrunners. EMCAP also acts as a Facility Agent for the banking syndicate.
Firoz Tarapore, Chief Executive Officer of DAE said,
"The successful closing of this Facility is testament to the continuous support and confidence that banks have shown in 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."
News Source: Emirates News Agency