Consortium of three banks helped to raise the loan amount
Dubai Aerospace Enterprise (DAE) announced that it had successfully closed its US$ 800mn revolving loan facility, which was launched in May of this year. The credit facility, initially launched for an amount of US$ 480 million, attracted the appetite from a broad group of banks and attained substantial oversubscriptions.
Al Ahli Bank of Kuwait (ABK) served as the Coordinating Mandated Lead Arranger and Bookrunner with UAE-based First Abu Dhabi Bank (FAB) which acted as the Mandated Lead Arranger (MLA) and Bookrunner, while Noor Bank acted as the Mandated Lead Arranger (MLA).
FAB was also the Global Agent, Facility Agent and Investment Agent, whilst Noor Bank acted as the Islamic Structuring Agent. Eight additional banks also entered the facility using the accordion feature to bring the total of the facility size to US$ 800 million.
“This strong appetite from such a large group of banks reinforces the strong liquidity available in the local and regional market. We look forward to partnering with these banks in the upcoming years to grow our business,” commented Firoz Tarapore, CEO, DAE.
“We are very pleased to be able to attract such a diverse group of prime global banks to form a strong lenders’ group for DAE. The cooperation of our transaction team with DAE’s finance team and the other MLAs and accordion partners has ensured smooth sailing through the process,” observed Michel Accad, CEO, Al Ahli Bank of Kuwait.
