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Dubai Aerospace closes $800m loan

Dubai, January 18, 2009

State-owned Dubai Aerospace Enterprise (DAE) said on Sunday it has secured a three-year $800 million loan and revolving credit facilities for corporate purposes.

The deal, which also includes an Islamic tranche, was arranged by Citigroup, Deutsche Bank, Emirates NBD, Lloyds TSB and Noor Islamic Bank, the firm said in a statement.

DAE did not give pricing details.

DAE said in July it was buying 18 aircraft from Emirates Airline, comprising 10 Boeing 747-8Fs and eight GE90-115B-powered Boeing 777 freighter aircraft in a split purchase and leaseback deal.

That agreement increased DAE's leasing portfolio to 49 aircraft with a further 200 Boeing and Airbus aircraft on order, due for delivery between 2010 and 2013. - Reuters




Tags: Dubai Aerospace | DAE |

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