Dubai Aerospace Enterprise (DAE) has announced that it had successfully closed its $800 million revolving loan facility launched in May this year. The credit facility, initially launched for $480 million, attracted the appetite from a broad group of banks and achieved substantial oversubscriptions.

Al Ahli Bank of Kuwait (ABK) served as the co-ordinating mandated lead arranger and bookrunner, and together with UAE-based First Abu Dhabi Bank (FAB) acted as mandated lead arranger (MLA) and bookrunner, while Noor Bank acted as mandated lead arranger.

FAB is also the global agent, facility agent and investment agent, whilst Noor Bank acted as the Islamic Structuring Agent.

Eight additional banks have entered the facility using the accordion feature to bring the total of the facility size to $800 million.

CEO Firoz Tarapore said the successful closing, and oversubscription of the credit facility was confirmation of the confidence that the banks had shown in DAE’s performance and strategic plan.

"Furthermore, this strong appetite from such a large group of banks reinforces the strong liquidity available in the local and regional market. We look forward to partnering with these banks in the upcoming years to grow our business," he noted.

ABK chief executive Michel Accad said it was delighted to be able to attract such a diverse group of prime global banks to form a strong lenders’ group for DAE.

"The co-operation of our transaction team with DAE’s finance team and the other MLAs and Accordion Lenders has ensured smooth sailing through the process," he added.-TradeArabia News Service