Dubai Aerospace Enterprise (DAE) has signed agreements to enter into new long-term, unsecured revolving credit facilities worth $2.8bn.
The new facilities replace an existing $1.4bn facility. The new facilities maturity date is March 2031. The addition of the new facilities increases the lessor's revolving credit facility capacity to around $4bn.
The new facilities comprise both US dollar and UAE dirham commitments, totalling $2.3bn in conventional funding and $0.5bn in shariah-compliant liquidity from 15 global financial institutions.
“By tapping both conventional and Shari'a-compliant sources of funding, this transaction underscores DAE's exceptional access to liquidity from both our local banking partners and a globally diversified group of leading financial institutions," said DAE CEO Firoz Tarapore.
Emirates NBD and First Abu Dhabi Bank acted as initial mandated lead arrangers on the conventional facility. Abu Dhabi acted as mandated lead arranger on the shariah-compliant facility.