Dubai – Mubasher: Airport Financing Company (FINCO) signed $3 billion credit facilities with a number of local and international banks, according to the Department of Finance for the Government of Dubai (DOF), the Investment Corporation of Dubai and Dubai Aviation City Corporation.
The facilities are part of the long-term funding platform established for Dubai Airports.
The loans comprise a $1.625 billion seven-year conventional and a $1.475 billion equivalent AED denominated seven-year Ijara.
Oversubscribed by more than 50%, the facilities will be used for the expansion and the development of the Dubai International Airport (DXB) as well as the Al Maktoum International Airport (DWC).
These facilities represent the first stage of a larger funding programme which will transform DWC into the primary airport for Dubai and serve up to 146 million passengers by 2025.
Twelve international and local banks acted as joint mandated lead arrangers and joint bookrunners: Abu Dhabi Commercial Bank(ADIB), Abu Dhabi Islamic Bank (ADIB), Bank of China, Citibank, Dubai Islamic Bank, First Abu Dhabi Bank, HSBC, Industrial And Commercial Bank of China Limited, Intesa Sanpaolo, JP Morgan, Noor Bank, and Standard Chartered.
In addition, HSBC acted as the financial advisor, according to the statement.
