Dubai PR Network, Online Press Release from Dubai and Middle East
 
Aviation, Airline & Aerospace(Travel & Tourism)
Filter PR by
  

DAE Announces Closing of US$1.6 Billion New Financing Facilities

 

Largest bank loan financing in DAE history
 
Dubai, U.A.E., 18 September 2023 – Dubai Aerospace Enterprise (DAE) Ltd today announced that it has signed a new multi-tranche financing, structured as a combination of revolving credit facilities and term financing facilities, each comprising of conventional and Islamic tranches (the “Facilities”) with HSBC and J.P. Morgan acting as Joint Bookrunners and Joint Mandated Lead Arrangers. 
 
Following significant demand, the transaction was upsized in syndication to more than twice the envisaged initial size and the Facilities were closed at an amount of US$1.6 billion with a group of 26 financiers, making it the largest bank loan financing raised by DAE to date. The Facility enabled DAE to tap the Islamic banking liquidity as well as consolidate its existing banking relationships from Middle East, Asia, North America, and Europe. Proceeds from the Facilities will support the future financing needs of the business and refinance a maturing credit facility.
 
Firoz Tarapore, Chief Executive Officer of DAE, commented, “We are very happy with the exceptional outcome delivered by the Joint Bookrunners, who demonstrated a combination of strong leadership, sound market judgement and conviction that has enabled DAE to execute a successful financing to support our corporate strategy. The closing of these Facilities, as well as the upsizing and oversubscription, underscores the support and confidence that banks have shown in DAE and its future growth prospects. The Facilities will allow DAE to maintain its exceptional liquidity and support the financing requirements of our recently announced order book acquisition. We look forward to continuing to deepen our relationship with our banking partners in the coming years.”
 
Shaikha Al Marri, Head of Government and Corporates within the Global Banking team at HSBC Middle East, said: “HSBC has a longstanding relationship with DAE and the very robust demand for this landmark transaction from investors across a wide range of geographies, which resulted in a significant increase in its final size, clearly demonstrates how we use the strength of our network on behalf of our clients.”
 
Imran Zaidi, Head of MENAP Corporate Banking at J.P. Morgan said, “J.P. Morgan is very pleased to support DAE in achieving its financing plans. We are proud of our long standing relationship with DAE and look forward to supporting their future requirements also. The transaction was significantly upsized and oversubscribed which underscores investors’  confidence in DAE’s performance.” 

 


Posted by : DubaiPRNetwork.com Editorial Team
Viewed 8446 times
PR Category : Travel & Tourism
Posted on : Monday, September 18, 2023  5:36:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Emirates Scores with Beirut Basketball Club in a Multi-year ...
Next Story : Emirates Increases Flights to Riyadh for Saudi National Day
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
2023 Safest Year for Flying By Several Parameters [21910-Views]
Mr. Arjun Dhanak of Kanz Jewels Clinches Youngest MD Award at The Retail Jeweller Dubai Fo... [13526-Views]
Xiaomi 14 Ultra Makes a Big Entrance in the UAE for the First Time [9204-Views]
Luxury Perfumery Pioneer Navitus Parfums Launches in Dubai [8282-Views]
Nabtih Debuts Ramadan Gift Baskets, Highlighting Palestinian Craftsmanship and Tradition [7573-Views]
UAE's Newest Home-Grown Fragrance Brand –FARIDAH– Unveiled, Complements The $12.4 bn Perfu... [6527-Views]
SANTONI SETS THE TONE FOR THE NEXT FALL/WINTER SEASON DURING MILAN FASHION WEEK [6416-Views]
Dyson unveils new pop-up experience at Dubai International Airport [6273-Views]
Union Coop Strengthens Support for Local farmers [5871-Views]
Hitachi Energy invests over 30 million euros to expand transformer operations in Germany [5625-Views]
Dubai government entities review ambitious 'Dubai 10X' projects [5617-Views]
All-New Ford Territory Dark Edition Elevates Crossover SUV Style in the Middle East [5486-Views]
Arabian Automobiles' Nissan Sunny: A Timeless Icon of Efficiency and Quality [5469-Views]
Dubai Culture celebrates Burj Rashid's 45th anniversary, showcasing its rich history [5350-Views]
Eaton to Showcase Cutting-Edge Sustainable Energy Solutions at LEAP 2024 in Saudi Arabia [5281-Views]
BENTAYGA EWB – INFINITE CHOICE, CURATED BY MULLINER [5268-Views]
Clinique La Prairie To Showcase Longevity Lounge At Art Dubai 2024 [5260-Views]
Swiss International School in Dubai [5211-Views]
Bluewaters Sets Scene for Ramadan with Stunning Weekend Fireworks This March [5129-Views]
A total of 360 riders qualify for world cycling event in Aalborg, Denmark at the end of Au... [5064-Views]
NBF's new Ramadan campaign provides new financing opportunities for customers [5018-Views]
SPORTMAX FW 2024 FASHION SHOW [4957-Views]
LG IS REDEFINING LAUNDRY DAY WITH ITS NEXT-GENERATION WASHING MACHINES [4957-Views]
ATP STARS EBDEN AND BOPANNA MAKE A GRAND SLAM IMPACT AT DUBAI DUTY FREE TENNIS CHAMPIONSHI... [4949-Views]
Union Coop Achieves 33% Emiratization by 2023's Close, with 72% in Leadership Roles [4879-Views]
 
RSS Facebook Twitter LinkedDin DubaiPRNetwork.com on Instagram
 
Top Sections
 
Top Stories