Tuesday 23 October 2018
 
»
 
»
Story

Officials at the signing ceremony

DAE signs unsecured revolving credit facility of $480m

DUBAI, May 22, 2018

Dubai Aerospace Enterprise (DAE) has signed a landmark unsecured four-year revolving credit facility with an initial commitment of $480 million and 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, said a statement.
 
The following banks are involved in the facility in the following capacities: mandated coordinating lead arranger: Al Ahli Bank of Kuwait; mandated lead arrangers and joint bookrunners: Al Ahli Bank of Kuwait, First Abu Dhabi Bank; mandated lead arranger: Noor Bank; global agent and Islamic investment agent: First Abu Dhabi Bank.
 
Firoz Tarapore, chief executive officer of DAE, said: “We are pleased to sign this landmark regional transaction lead by Al Ahli Bank, First Abu Dhabi Bank and Noor Bank.”

“This transaction underlines both the regional liquidity available to top quality names and the strength of our franchise,” he said.

“This facility further diversifies our funding sources and adds to the unsecured component of our liquidity profile increasing our unsecured revolving credit facilities to $1,125 - $1,445 million depending on the final committed amount of this facility,” he added.

“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 per cent to a range of 31 per cent to 34 per cent,” Tarapore concluded.

Michel Accad, group CEO, ABK, said: “The financing facility for DAE is one of the largest transactions of its kind involving conventional and Islamic tranches, making it a landmark deal for the region.”

ABK (DIFC) is fully compliant with the DIFC and DFSA rules and regulations in all its dealings and operations and only transacts with corporate clients and financial institutions that are market counterparts or professional clients, as defined by the DFSA, it stated. – TradeArabia News Service




Tags: | DAE | Credit | facility | unsecured | revolving |

More Finance & Capital Market Stories

calendarCalendar of Events

Ads