Search DubaiPRNetwork.com

Dubai and UAE
Home >> Travel & Tourism

DAE Announces Closing of US$1.6 Billion New Financing Facilities

Monday, September 18, 2023/ Editor -  

Share

Home >> Travel & Tourism

Largest bank loan financing in DAE history
 
Dubai, U.A.E., 18 September 2023 – Dubai Aerospace Enterprise (DAE) Ltd today announced that it has signed a new multi-tranche financing, structured as a combination of revolving credit facilities and term financing facilities, each comprising of conventional and Islamic tranches (the “Facilities”) with HSBC and J.P. Morgan acting as Joint Bookrunners and Joint Mandated Lead Arrangers. 
 
Following significant demand, the transaction was upsized in syndication to more than twice the envisaged initial size and the Facilities were closed at an amount of US$1.6 billion with a group of 26 financiers, making it the largest bank loan financing raised by DAE to date. The Facility enabled DAE to tap the Islamic banking liquidity as well as consolidate its existing banking relationships from Middle East, Asia, North America, and Europe. Proceeds from the Facilities will support the future financing needs of the business and refinance a maturing credit facility.
 
Firoz Tarapore, Chief Executive Officer of DAE, commented, “We are very happy with the exceptional outcome delivered by the Joint Bookrunners, who demonstrated a combination of strong leadership, sound market judgement and conviction that has enabled DAE to execute a successful financing to support our corporate strategy. The closing of these Facilities, as well as the upsizing and oversubscription, underscores the support and confidence that banks have shown in DAE and its future growth prospects. The Facilities will allow DAE to maintain its exceptional liquidity and support the financing requirements of our recently announced order book acquisition. We look forward to continuing to deepen our relationship with our banking partners in the coming years.”
 
Shaikha Al Marri, Head of Government and Corporates within the Global Banking team at HSBC Middle East, said: “HSBC has a longstanding relationship with DAE and the very robust demand for this landmark transaction from investors across a wide range of geographies, which resulted in a significant increase in its final size, clearly demonstrates how we use the strength of our network on behalf of our clients.”
 
Imran Zaidi, Head of MENAP Corporate Banking at J.P. Morgan said, “J.P. Morgan is very pleased to support DAE in achieving its financing plans. We are proud of our long standing relationship with DAE and look forward to supporting their future requirements also. The transaction was significantly upsized and oversubscribed which underscores investors’  confidence in DAE’s performance.” 

 


Previous in Travel & Tourism

Next in Travel & Tourism


Home >> Travel & Tourism Section

Latest Press Release

Win Big This Dubai Shopping Festival with Out of This World Raffles and Prizes

Dubai Customs Nabs Smuggler with 8.9 Kilos of Marijuana

Renewables Receive Major Boost with Pledges to IRENA's ETAF Platform Exceeding U ...

The Federal Geographic Information Center Launches the General Map of the UAE

ENEC and Westinghouse Sign MOU for Advanced Nuclear Reactor Technologies at COP2 ...

GREE Unveils Revolutionary Solar-Powered VRF System at COP28, Paving the Way for ...

Emirates Celebrates UAE's National Day with a Double Flypast during Emirates Dub ...

Team Abu Dhabi Face Familiar Rivals as New Series Launches in Khor Fakkan

ENEC and GE Hitachi Sign MoU for Potential Investment and Deployment of Small Mo ...

ANIB Introducing New F&I Products in Partnership with Al Nabooda Automobiles

Wellth Introduces Natural Chronic Disease Reversal Solutions on the Occasion of ...

UAE-based Pure Food Technology unveils Game-changing Innovation in Vertical Farm ...

Commitment for a Sustainable Future: Global Postal Community to Foster Climate E ...

The Dubai Customs Consultative Council Commends Economic Performance in 2023

Delight in unforgettable Festive Season at Grand Millennium Al Wahda in the Cen ...

Max Mara Celebrates Yara Shahidi as the 2023 WIF Max Mara Face of the Future Awa ...

Ajman Tourism Unveils "TESLAM - UAE" Art Exhibition to Celebrate the U ...

Dubai Police and Arabian Automobiles Join Forces to Showcase GHIATH Smart Patrol

Summary of Weekly Real Estate Transactions for the Week Ending 01 December 2023

Dubai Airports Unveils Exceptional Welcome for COP28 Delegates