DAE Financing, a subsidiary of aircraft leasing and management firm Dubai Aerospace Enterprises (DAE), has raised $2.3bn in bonds, the company said in a statement on 23 July.

A portion of the net proceeds from the offering, along with cash on hand, will be utilised to cover the cash purchase price and related fees and expenses for the acquisition of Dublin-based Awas, one of the world’s largest aircraft leasing companies.

Apart from covering the purchase price of Awas, part of the net proceeds will be utilised for general corporate purposes including the future repayment of outstanding debt, the company said.

Gross proceeds of the offering will be placed into an escrow account with Wells Fargo Bank, National Association pending the completion of the acquisition of Awas.

DAE signed the definitive agreement to buy Awas from UK-based Terra Firma Capital Partners and the Canadian Pension Plan Investment Board on 24 April.

The combined company will have a totally-owned, managed and committed fleet of 394 aircraft units with a total value in excess of $14bn.

It will serve over 110 airline customers in over 55 countries from offices in Dubai, Ireland, Singapore and the US.

The value of the acquisition has not been disclosed.

In September last year, DAE announced acquiring 80 per cent of the Jordan Aircraft Maintenance (Joramco) from The Abraaj Group.

DAE is also financing eight of the nine new Boeing 737-800 planes that Egypt Air intends to acquire as part of its expansion strategy. The nine planes are valued at $864m at current list price.