the facility will contain a conventional and an Islamic tranche and can be upsized to $600 million/Bloombergby Kudakwashe Muzoriwa
Dubai Aerospace Enterprise (DAE) has secured a $300 million five-year dual-tranche unsecured term financing facility from Emirates Islamic and Emirates NBD Capital, the investment banking arm of Emirates NBD to support its future financing needs.
Firoz Tarapore, the Chief Executive Officer of DAE, said, “We are very pleased to enter into this agreement with Emirates Islamic and Emirates NBD Capital and to deepen our relationship with Emirates NBD as we continue to diversify our pool of liquidity.
DAE, the Dubai-based aircraft lessor, said that the facility will contain a conventional and an Islamic tranche and can be upsized to $600 million.
DAE's senior unsecured debt is now rated investment grade by S&P Global, Fitch Ratings and Moody’s, the three major credit rating agencies. The ratings will enable DAE to further solidify its business and accelerate growth ambitions while strengthening the firm’s liquidity and capital position.