Dubai Aerospace Enterprise (DAE) has closed a new multi-tranche financing of $1.6 billion, the largest raised by the aircraft lessor to date.

The financing is structured as a combination of revolving credit facilities and term financing facilities, each comprising of conventional and Islamic tranches, DAE said on its website on Monday.

HSBC and J.P. Morgan acted as joint bookrunners and joint mandated lead arrangers.

Proceeds from the facilities will support the future financing needs of the business and refinance a maturing credit facility, DEA said.

(Writing by Brinda Darasha; editing by Seban Scaria)