Dubai Aerospace Enterprise (DAE) has successfully closed a new four-year US$1 billion (£760 million) revolving credit facility with a one-year extension option. The facility replaces other facilities with near-term maturity dates and represents DAE’s first facility that is priced with reference to SOFR. The facility attracted strong interest from a broad group of banks and was oversubscribed.
Firoz Tarapore, Chief Executive Officer of DAE said, “The successful closing of this facility is testament to the continuous support and confidence that banks have shown in DAE and its future outlook. This facility will enable us to continue to optimise our liquidity planning and grow our business. We look forward to deepening our relationship with these banks in the upcoming years.”