DAE secures four-year funding boost
Firoz Tarapore, DAE’s chief executive said: “We are pleased to sign this landmark regional transaction lead by Al Ahli Bank, First Abu Dhabi Bank and Noor Bank. This transaction underlines both the regional liquidity available to top quality names and the strength of the DAE franchise. This facility further diversifies our funding sources and adds to the unsecured component of our liquidity profile increasing our unsecured revolving credit facilities to US$1,125 - US$1,445 million depending on the final committed amount of this facility.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26% to a range of 31%-34%.”
Michel Accad, Group CEO of ABK said: “The financing facility for DAE is one of the largest transactions of its kind involving conventional and Islamic tranches, making it a landmark deal for the region.”
ABK (DIFC) is fully compliant with the DIFC and DFSA rules and regulations in all its dealings and operations and only transacts with corporate clients and financial institutions that are Market Counterparts or Professional Clients, as defined by the DFSA, DAE said in a statement.
Last week DAE hinted at an imminent record order for around 400 aircraft. It was reported that it is in talks for buying single-aisle Airbus A320neo-family and Boeing 737 MAX planes. This follows last year’s acquisition of of Dublin-based lessor AWAS.
Representatives of Al Ahli Bank of Kuwait, First Abu Dhabi Bank and Noor Bank with DAE Chief Executive Officer Firoz Tarapore
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