Dubai Aerospace Enterprise (DAE) has successfully closed its $800m revolving loan facility, which was launched in May this year.

The credit facility, initially launched for an amount of $480m, attracted the appetite from a broad group of banks and achieved substantial oversubscriptions.

Al Ahli Bank of Kuwait (ABK) is the coordinating mandated lead arranger and bookrunner, and together with UAE-based First Abu Dhabi Bank (FAB) is the mandated lead arranger and bookrunner, while Noor Bank is the mandated lead arranger. FAB is also the global agent, facility agent and investment agent, and Noor Bank is the Islamic structuring agent.

Eight additional banks have entered the facility using the accordion feature to bring the total of the facility size to $800m.

“The successful closing, and oversubscription of the credit facility is confirmation of the confidence that banks have shown in DAE’s performance and strategic plan. Furthermore, this strong appetite from such a large group of banks reinforces the strong liquidity available in the local and regional market. We look forward to partnering with these banks in the upcoming years to grow our business,” says Firoz Tarapore, CEO, DAE.

DAE acquired Dublin-based Awas, one of the world’s largest aircraft leasing companies in 2017.