Dubai Aerospace Enterprise has signed an unsecured four-year revolving credit facility with an initial commitment of $480 million.
The revolver has an accordion feature that allows the facility to be increased to up to $800 million at any time after the initial closing.
The facility includes both conventional and Islamic tranches and will support the future financing needs of the business, the lessor says.
Al Ahli Bank of Kuwait is acting as mandated coordinating lead arranger, mandated lead arranger and as a joint bookrunner with First Abu Dhabi Bank.
First Abu Dhabi Bank is also acting as global and Islamic investment agent. Noor Bank is also a mandated lead arranger.
“This transaction underlines both the regional liquidity available to top quality names and the strength of the DAE franchise,” says the lessor's chief Firoz Tarapore.
“On a pro-forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26% to a range of 31%-34%,” he adds.
Source: Cirium Dashboard