Tuesday, October 19, 2021 – 11:50 PM
DUBAI, 19th October/WAM/ Dubai Aerospace Enterprise (DAE), the global aviation services company, today announced financing operations implemented in 2021 that will enhance the company’s liquidity, including $780 million in new unsecured financing operations with a weighted average maturity of 7.7 years within Two transactions each secured by a leading bank in the region of $800 million in maturity extensions of the 24-month revolving credit facility from 2023 to 2025.
Firouz Tarapore, CEO of DAE, said: “These financing and the extension of credit facilities underscore DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet at a time when we are facing challenging challenges in the aviation industry. Investors will work with confidence during this period.”
“Capital coming from asset management mandates has allowed us to deliver over $3 billion in purchase commitments to our airline and OEM customers during the pandemic,” he added.
WM/ Munira Al-Sumaiti/Mohamed Nabil/Abdul Nasser Moneim