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Dubai plane lessor increases credit facility to $1.6bn

DAE's credit facility was increased to more than twice the proposed initial target following significant investor demand Wam
The loan will support DAE's business expansion

Dubai Aerospace Enterprise (DAE) has signed a new facility worth $1.6 billion with a group of 26 financiers, its largest bank loan financing to date.

The transaction was increased to more than twice the proposed initial target following significant investor demand, the state-owned company said in a statement published on the UAE Wam news agency.

The facility combines revolving credit and term financing facilities, each comprising conventional and Islamic tranches. HSBC and J.P. Morgan acted as joint bookrunners and joint-mandated lead arrangers.

The proceeds will support the future financing needs of the business and refinance a maturing credit facility.

The plane lessor’s affiliate signed an agreement last month to acquire the rights and interests of a portfolio of 64 Boeing 737 Max aircraft from a subsidiary of China Aircraft Leasing Group Holdings.

DAE last December signed a new senior unsecured term financing for a total of $800 million.

The company earlier this year announced that profit before exceptional items had increased 125 percent year-on-year to $203.6 million, with cash flow from operating activities up 20 percent to $956.6 million.

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