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|04 October, 2018

Dubai Aerospace says increases existing loan deal to $800 mln

Dubai Aerospace Enterprise said in May it had signed $480mln loan

image used fot illustrative purpose A bank employee counts U.S. hundred dollar bills at Kasikornbank in Bangkok October 12, 2010.

image used fot illustrative purpose A bank employee counts U.S. hundred dollar bills at Kasikornbank in Bangkok October 12, 2010.

REUTERS/Sukree Sukplang

DUBAI - State-owned aircraft lessor Dubai Aerospace Enterprise (DAE) said on Thursday it had increased an existing four-year loan deal to $800 million.

DAE said in May it had signed $480 million loan, which included both conventional and Islamic finance tranches, has a so-called "accordion facility" allowing it to be increased to up to $800 million.

Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.

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(Reporting by Alexander Cornwell Editing by Raissa Kasolowsky) ((Alexander.Cornwell@thomsonreuters.com;))