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Dubai Aerospace Enterprise closes $800m loan

Dubai Aerospace Enterprise closes $800m loan

The company said it had initially launched a facility for $480m

Aircraft leasing firm Dubai Aerospace Enterprise (DAE) said on Thursday it had closed a $800m revolving loan facility.

The company said it had initially launched a facility for $480m, which it confirmed in May, but received “substantial oversubscriptions”.

Read: Dubai Aerospace signs $480m loan deal

Al Ahli Bank of Kuwait acted as lead arranger and joint bookrunner with First Abu Dhabi Bank. Noor Bank also acted as lead arranger.

Eight other banks also entered the facility.

“The successful closing, and oversubscription of the credit facility is confirmation of the confidence that banks have shown in DAE’s performance and strategic plan,” said DAE CEO Firoz Tarapore.

“Furthermore, this strong appetite from such a large group of banks reinforces the strong liquidity available in the local and regional market.”

DAE also said in May it had signed three deals to sell 16 aircraft worth $900m.

Read: Dubai Aerospace sells 16 aircraft worth $900m

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