UAE's aviation services company Dubai Aerospace Enterprise (DAE) has closed a $1 billion unsecured revolving credit facility, its first facility linked to the Secured Overnight Financing Rate (SOFR) benchmark.
The financing, which has a four-year maturity with a one-year extension option, will be used to refinance existing facilities, with the balance to be used for general corporate purposes and working capital requirements.
Al Ahli Bank of Kuwait, Emirates NBD and First Abu Dhabi Bank were mandated lead arrangers and bookrunners on the financing, while Emirates NBD was the facility agent.
The Dubai-state owned DAE is a global aviation services serving over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York and Seattle.
(Writing by Brinda Darasha; editing by Daniel Luiz)