DAE Signs Landmark Unsecured Revolving Credit Facility  

Dubai Aerospace Enterprise (DAE) Ltd. announced that it has signed a landmark unsecured four-year revolving credit facility with an initial commitment of US$480 million.

An accordion feature that allows the facility to be increased to up to US$800 million at any time after the initial closing. The facility includes both conventional and Islamic tranches and will support the future financing needs of the business.

Firoz Tarapore, Chief Executive Officer of DAE 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.”

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.” (Source: DAE).