Dubai Aerospace Enterprise appoints banks to arrange $1bn loan

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24 July 2008
State-owned has appointed Citigroup, , and to underwrite and arrange a $1 billion, three-year syndicated loan, a banking source said yesterday.

Proceeds will be used to refinance existing debt and for general corporate purposes. The deal is split equally between a term loan and a revolving credit facility, and the margin is a little under 200 basis points over Libor, the source added.

said last week it was buying 18 aircraft from , comprising 10 Boeing 747-8Fs and eight GE90-115B-powered Boeing 777 freighter aircraft in a split purchase and leaseback deal.

This latest agreement will increase leasing portfolio to 49 aircraft with a further 200 Boeing and Airbus aircraft on order, due for delivery between 2010 and 2013.

Earlier this month, said it would buy 18 Boeing freighter aircraft from .

DAE Capital, the group's aircraft leasing and financing business, will buy 10 Boeing 747-8Fs and eight GE90-115B-powered Boeing 777 freighter aircraft in a split purchase and leaseback deal, the company said in a statement.

The deal will increase DAE Capital's leasing portfolio to 49 aircraft, with a further 200 Boeing and Airbus aircraft on order, due for delivery between 2010 and 2013.

DAE Capital, a subsidiary of , confirmed an order for 100 aircraft, including 30 of its Airbus A350-900 wide-bodied jets and 70 narrow-bodied A320s at the Farnborough airshow earlier this month.

By Staff Writer

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