Media ININ Economy We Trust
MEDIA IN, Dubai, May 21, 2018 (WAM)
Dubai Aerospace Enterprise (DAE) today signed an agreement to receive unsecured revolving financial facilities for a period of four years with an initial amount of US $ 480 million, with the possibility of increasing the amount to US $ 800 million at any time after the initial closure.
The transaction will include financing segments from conventional and Islamic banks and will support the future financing needs of the company. The transaction will be arranged by Ahli Bank of Kuwait as the coordinating bank, the main bank responsible for arranging the transaction and the bank involved in managing the books. Of the deal and the bank involved in the management of the books of issuance and the global agent, while Noor Bank Bank will be the leader in charge of arranging this transaction and the Islamic structuring agent.
“This agreement is one of the most important deals in the region with the group of participating banks led by Ahli Bank of Kuwait, Abu Dhabi First Bank and Noor Bank,” said Fayrouz Tarabur, CEO of DAE. “This facility will help diversify our funding sources and add an uncertain component to the liquidity profile. Which contributes to the increase of unsecured revolving credit facilities to reach US $ 1,125 – US $ 1,445 million. This depends on the final amount of these facilities initially as of December 2017. If these facilities are fully withdrawn and if proceeds are used to pay the debt Secured the proportion of DAE’s debt is secured will increase from 26 percent to between 31 percent – 34 percent.
