Dubai Aerospace Enterprise has used an accordion feature to upsize its revolving credit facility more than 10% to $600 million.
The original amount of the four-year revolver, first announced in December 2018, was $535 million.
"This facility reinforces the strong availability of liquidity in the market and the confidence in DAE's strategy and reputation," stated chief executive Firoz Tarapore in December. "The addition of this facility substantially enhances our financial flexibility and provides yet another element of diversification to our funding strategy."
Emirates NBD is the sole lead arranger and bookrunner for the transaction, with at least eight regional banks also participating.
The new facility will be used to support its future financing needs, and takes the lessor's total unsecured revolving credit lines to over $2 billion.
Source: Cirium Dashboard