| 24 Jul 2008 |
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Dubai Aerospace Enterprise appoints banks to arrange $1bn loan
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State-owned Dubai Aerospace Enterprise (DAE)Dubai Aerospace Enterprise (DAE)
has appointed Citigroup, Deutsche BankDeutsche Bank, Emirates Bank and LloydsLloyds 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.
DAEDAE
said last week it was buying 18 aircraft from Emirates airlineEmirates airline, 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 DAEDAE
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, DAEDAE
said it would buy 18 Boeing freighter aircraft from Emirates airlineEmirates airline.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 DAEDAE
, 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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