Dubai Aerospace Enterprise (DAE), a Dubai-based aerospace corporation, has announced the successful closure of an $800m revolving loan facility. Launched back in May 2018, the credit facility was initially launched for a target amount of $480m. Thanks to oversubscriptions and a substantial interest from a wide range of banks, this initial target was surpassed with ease.
Firoz Tarapore, CEO of DAE commented: “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.
“Furthermore, this strong appetite from such a large group of banks reinforces the strong liquidity available in the local and regional market. We look forward to partnering with these banks in the upcoming years to grow our business.”
Serving as the Coordinating Mandated Lead Arranger and Bookrunner for the loan facility, Al Ahli Bank of Kuwait (ABK) also worked closely with UAE-based First Abu Dhabi Bank (FAB), who also worked as Mandated Lead Arranger and Bookrunner. Working in parallel, Noor Bank also served as a Mandated Lead Arranger.
Eight additional banks entered the facility via the accordion feature to bring the total of the facility size to $800m.
Al Ahli Bank of Kuwait’s CEO, Michel Accad commented: “We are very pleased to be able to attract such a diverse group of prime global banks to form a strong lenders’ group for DAE. The cooperation of our transaction team with DAE’s finance team and the other MLAs and Accordion Lenders has ensured smooth sailing through the process.”