Dubai Aerospace Enterprise (DAE) on Thursday announced that it has inked a new unsecured revolving credit facility worth $720 million.
The government-controlled firm signed the deal with a group of nine international banks based in the US, Europe, and Asia, according to DAE’s statement.
“This new revolving credit facility will significantly boost our liquidity profile and accord us enhanced flexibility to act expeditiously on market opportunities to acquire assets and grow our business,” Firoz Tarapore, CEO of DAE, said.
The new credit facility has a maturity date of five years.
“In October, DAE received its first investment grade rating of BBB+ and this strengthening of our liquidity profile and overall financial position is consistent with our publicly stated intent of achieving investment grade ratings from all major credit rating agencies,” Tarapore added.
It is worth noting that the company, DAE, which was one of the world’s largest aircraft lessors, reported a 277% year-on-year profit hike in the first nine months of 2018, registering $290.5 million, from $77.1 million in the same period of the prior year.
In May, DAE signed three deals to sell planes at a combined value of $900 million.
Tarapore previously said that the sale, which included Boeing 737 and Airbus A320, A330, and A350 aircraft, would not impact DAE’s total number of customers.