On September 26th, Barclays Capital, the investment banking division of Barclays Bank PLC, successfully syndicated Dubai Aerospace Enterprise's (DAE) $937 million of first lien facilities to a broad group of institutional investors. The facilities included a $100 million 6-year revolver, a two year $280 million asset sale bridge and a 7-year $557 million term loan. The facilities are related to DAE's purchase of Landmark Aviation and Standard Aero from The Carlyle Group.
The strength of the DAE story drove the successful syndication of the loan and bond offerings in challenging market conditions. DAE was the only LBO in the US to successfully place its bonds in July and its recent loan syndication was done at levels substantially better than the prevailing market.
"We are delighted to have concluded this major capital raising for DAE - a significant milestone in their corporate strategy," said John Oberman of Barclays Capital. "The fact that it was so well received by the market demonstrates the strength of the underlying businesses combined with the DAE shareholder story."
"DAE is particularly pleased with the efforts of Barclays Capital in successfully completing these facilities," stated Rob Mionis, CEO of DAE Engineering. "It is a testament to their expertise in the markets and professionalism as well as their ability to embrace the exciting growth opportunities that DAE is pursuing in the global aviation marketplace."
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About Barclays Capital
Barclays Capital is the investment banking division of Barclays Bank PLC which has an AA long-term credit rating and a balance sheet of over £1.1 trillion. With a distinctive business model, Barclays Capital provides large corporate, government and institutional clients with solutions to their financing and risk management needs. Barclays Capital has offices in 26 countries, employs over 15,700 people and has the global reach and distribution power to meet the needs of issuers and investors worldwide.
For further information about Barclays Capital, please visit our website www.barclayscapital.com.
Barclays Capital - the investment banking division of Barclays Bank PLC. Registered in England 1026167. Registered office 1 Churchill Place, London, E14 5HP. Authorised and regulated by the Financial Services Authority and a member of the London Stock Exchange.
About DAE:
DAE is a fast developing global aerospace, manufacturing and services corporation made up of six divisions - DAE Airports, DAE Capital, DAE Engineering, DAE Manufacturing, DAE Services and DAE University.
Headquartered in Dubai, the group is growing through a series of phased developments and acquisitions to become a global player and to produce an integrated aerospace cluster, based at Dubai World Central - the new 140 square kilometer airport and logistics city being constructed in Jebel Ali, Dubai. It is forming international partnerships at the highest level of industry with the aim of establishing one of the most innovative and successful businesses in the global aerospace industry within the next decade.
DAE's shareholders include EMAAR, ISTITHMAR, Dubai Airport Free Zone Authority (DAFZA), Dubai International Capital, DIFC Investments LLC, the Government of Dubai and AMLAK Finance.
For further information please contact:
Jon Laycock,
Barclays Capital Communications
Tele : + 44 (0)20 7773 4324
Email : jon.laycock@barcap.com
© Press Release 2007
