Dubai – Mubasher: Dubai Aerospace Enterprise (DAE) announced on Thursday that it successfully closed an $800 million revolving financing facility launched in May.
The loan deal, initially launched with $480 million, has attracted the attention of a host of international banks, the company said in a statement.
The transaction was co-arranged by Al Ahli Bank of Kuwait (ABK), and First Abu Dhabi Bank (FAB), which acted as lead arranger and bookrunner, while Noor Bank joined the deal as a lead arranger.
Eight additional banks have entered into the deal through the accordion feature, bringing the total facility size to $800 million, the statement illustrated.
“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,” Firoz Tarapore, Chief Executive Officer of DAE commented.
The banks’ appetite boosts the robust liquidity available in the local and regional market, he added.
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.”
