Dubai Aerospace Enterprise (DAE) Ltd., a global leading aircraft leasing company, on Monday announced that it has signed a $300 million seven-year unsecured term financing with a group of six banks.
The company will use the loan to repay secured debt and bolster business financing needs in the future, according to a press release.
Abu Dhabi Commercial Bank (ADCB) acted as the transaction’s initial mandated lead arranger, bookrunner, and underwriter, DAE noted.
Firoz Tarapore, CEO of DAE, said: “We are pleased to enter into this loan led and arranged by Abu Dhabi Commercial Bank. This incremental unsecured loan further underpins our ambition to structure our funding and liquidity predominantly around unsecured debt.”
“This transaction brings the total liquidity we have raised in the last 18 months to $3.5 billion. This gives us considerable funding certainty to pursue our aggressive growth agenda,” Tarapore added.
On 23 September, DAE revealed it that had received an investment mandate worth $1.4 billion from one of the largest fund managers in the world to source and manage aircraft.