DAE closes US$1.6bn bank financing

Dubai Aerospace Enterprise (DAE) has signed a new multi-tranche financing, structured as a combination of revolving credit facilities and term financing facilities, each comprising of conventional and Islamic tranches with HSBC and JPMorgan acting as joint bookrunners and joint mandated lead arrangers. Following “significant demand”, DAE disclosed that the transaction was upsized in syndication to more than twice the envisaged initial size and the facilities closed at an amount of US$1.6 billion with a group of 26 financiers, making it the largest bank loan financing raised by DAE to date. DAE says that the facility enabled the company to tap