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  • Joe Breitfeller

Dubai Aerospace Enterprise Bolsters Liquidity With Several new Financing Actions

Dubai Aerospace Enterprise (DAE) has bolstered their liquidity position with several actions including $780 million in new Senior Unsecured Financings with a weighted average maturity of 7.7 years, and $800 million in revolving credit facility maturity extensions.

Boeing 787 Dreamliner Rendering in DAE Livery - Courtesy Dubai Aerospace Enterprise

On Tuesday (October 19, 2021), Dubai Aerospace Enterprise (DAE) Limited announced that they have bolstered their liquidity position through several new financing actions. The company raised $780 million through new Senior Unsecured Term Financings with a weighted average maturity of 7.7 years in two transactions, each underwritten by a leading bank in the region. Additionally, DAE secured extensions for $800 million in 24-month revolving credit facilities from 2023 to 2025.

In Tuesday’s announcement, DAE’s Chief Executive Officer, Firoz Tarapore, said,

“These new financings and facility extensions underscore DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet as we navigate challenging trends in the aviation industry. This, combined with the diversity of our approximately 400 lender and investor relationships, has allowed us to operate confidently during the period. Our capital strength along with capital from our managed asset mandates has allowed us to provide in excess of US$3 billion of purchase commitments to our airline clients and OEMs during the pandemic.”

Dubai Aerospace Enterprise (DAE) Limited is a global aviation services company headquartered in Dubai. The company serves over 170 airlines in more than 65 countries from seven offices in Dubai, Dublin, Amman, Singapore, Miami, New York and Seattle. DAE’s award-winning Aircraft Leasing division has an owned, managed, committed and mandated to manage fleet of approximately 425 Airbus, ATR and Boeing aircraft valued at over US$ 16 billion. The company’s Engineering division serves customers in Europe, the Middle East, Africa and Asia from their state-of-the-art facility which can accommodate up to 15 widebody and single aisle aircraft. DAE is authorized to work on 13 aircraft types and has regulatory approval from over 25 global regulators.

Source: Dubai Aerospace Enterprise (DAE)

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