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in Air Transport / Business & Finance

DAE strengthened by successful revolving loan facility

Posted 4 October 2018 · Add Comment

Dubai’s major aircraft lessor DAE has successfully closed its $800 million revolving loan facility, which was launched in May of this year.

The credit facility, initially launched for an amount of $480 million, attracted the appetite from a broad group of banks and achieved substantial oversubscriptions.
Firoz Tarapore, DAE’s chief executive (pictured right) said “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. Furthermore, this strong appetite from such a large group of banks reinforces the strong liquidity available in the local and regional market. We look forward to partnering with these banks in the upcoming years to grow our business.”
Al Ahli Bank of Kuwait (ABK) serves as the Coordinating Mandated Lead Arranger and Bookrunner, and together with UAE-based First Abu Dhabi Bank (FAB) act as Mandated Lead Arranger (MLA) and Bookrunner, while Noor Bank acts as Mandated Lead Arranger. FAB is also the Global Agent, Facility Agent and Investment Agent, whilst Noor Bank acts as the Islamic Structuring Agent. Eight additional banks have entered the facility using the accordion feature to bring the total of the facility size to $800 million.
 

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