Dubai Aerospace Enterprise (DAE), the global aviation services company, today announced new financing actions that further enhance the company’s liquidity strength.
The financings include:
• $780 million of new senior unsecured term financings with a weighted average maturity of 7.7 years in two transactions, each underwritten by a leading bank in the region
• $800 million of 24-month revolving credit facility maturity extensions from 2023 to 2025
Firoz Tarapore, Chief Executive Officer of DAE, stated: “These new financings and facility extensions underscore DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet as we navigate challenging trends in the aviation industry. This, combined with the diversity of our approximately 400 lender and investor relationships, has allowed us to operate confidently during the period.
“Our capital strength along with capital from our managed asset mandates has allowed us to provide in excess of $3 billion of purchase commitments to our airline clients and OEMs during the pandemic,” he said. - TradeArabia News Service