Dubai Aerospace Enterprise, DAE, announced Thursday that it has signed a new long-term unsecured revolving credit facility with First Abu Dhabi Bank PJSC and HSBC Bank Middle East Limited as bookrunners and mandated lead arrangers.

Following an oversubscription in syndication the Facility was closed at an amount of US$440 million with a group of 12 lenders. The Facility will support the future financing needs of the business.

Firoz Tarapore, Chief Executive Officer of DAE, said, "We are pleased to sign this facility with First Abu Dhabi Bank and HSBC. This facility reinforces the strong availability of liquidity in the market and the confidence in DAE’s strategy and reputation. DAE has raised US$2.8 billion of new, long-term unsecured revolving credit facilities in the last year.

"These facilities support the growth of our business, dramatically boost the liquidity cushion and facilitate our migration to a principally unsecured debt issuer. Our Unsecured Debt-to-Total Debt ratio is approaching 60 percent."

Surce: WAM