DAE Signs US$535 Million Unsecured Revolving Credit Facility
Mohammad Ali (@ChaudhryMAli88) Published December 12, 2018 | 12:30 PM
DUBAI, (UrduPoint / Pakistan Point News / WAM - 12th Dec, 2018) Dubai Aerospace Enterprise, DAE, today announced that it has signed a new four-year unsecured revolving credit facility arranged by Emirates NBD as sole Mandated Lead Arranger and Bookrunner.
The initial commitment of US$535 million is from a group of eight regional banks. The accordion feature allows the facility to be increased to up to US$600 million at any time after the initial closing. The facility will support the future financing needs of the business.
Commenting on the announcement, Firoz Tarapore, Chief Executive Officer of DAE, said, "We are pleased to sign this facility with Emirates NBD, a leading bank in the UAE and the middle East.
This facility reinforces the strong availability of liquidity in the market and the confidence in DAE’s strategy and reputation. The addition of this facility substantially enhances our financial flexibility and provides yet another element of diversification to our funding strategy."
Ahmed Al Qassim, Executive Vice President, Head of Corporate Banking for ENBD, said, "This transaction demonstrates Emirates NBD’s strong commitment to support DAE as part of our long-term strategic partnership."
This facility brings DAE’s total unsecured revolving credit facilities to US$2.1 billion.
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago