DAE signs $300m 5-year dual tranche

Business Bureau, Gulf Today

Dubai Aerospace Enterprise (DAE) Ltd. announced on Monday that it has signed a $300 million 5-year dual tranche unsecured term financing facility with Emirates Islamic and Emirates NBD Capital, the investment banking arm of Emirates NBD.

The facility will contain a conventional and an Islamic tranche and can be upsized to $600 million. The facility will support the future financing needs of DAE’s business.

Firoz Tarapore, 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. We thank both Emirates Islamic and Emirates NBD Capital for their trust in our organization and look forward to a continuing, long term relationship.”

Salah Amin, Chief Executive Officer of Emirates Islamic commented, “We are committed to support the growth and development of prominent local companies like DAE. The funding demonstrates our unique capability to be the leading provider of Islamic banking solutions to corporations and individuals alike”.

Fahad Al Qassim, Chief Executive Officer of Emirates NBD Capital commented: “Emirates NBD Capital as the global investment bank for Emirates NBD Group is pleased to support DAE in achieving its long-term objectives.”

Ahmed Al Qassim, Senior Executive Vice President, Group Head of Corporate & Institutional Banking for ENBD said: “This facility will be yet another transaction led by ENBD post conclusion of the US$600 million RCF for DAE in FY2018. DAE remains our key relationship and this transaction demonstrates ENBD’s continued support towards addressing DAE’s financial requirements.” Dubai Aerospace Enterprise is a globally recognized aerospace corporation and one of the largest aircraft leasing companies in the world.