DAE signs US$300mln 3-year unsecured term loan
Dubai, U.A.E. – Dubai Aerospace Enterprise (DAE) Ltd ('DAE'), the global aviation services company, today announced that it has signed a US$300 million 3-year unsecured term loan with Bank of China (Dubai) Branch, Bank of China Limited, London Branch and Bank of China (Hong Kong) Limited ('BOC'). The loan will be used for general corporate purposes and will support the future financing needs of the business.
Firoz Tarapore, Chief Executive Officer of DAE, commented, 'This transaction with BOC provides us with additional liquidity to support our ongoing commitment to meeting the needs of our airline customers while maintaining a modern and efficient fleet. We are pleased to deepen our relationship with Bank of China and look forward to continuing our collaboration with the entire Bank of China group in the years ahead.'
Pan Xinyuan, General Manager of Bank of China (Dubai) Branch, said: 'Bank of China values its growing relationship with DAE and is pleased to support this strategic financing. The successful execution of this transaction reflects the strength of our global network and our ability to deliver tailored solutions that meet the evolving needs of our clients across the aviation sector. In the future, Bank of China will continue to contribute to deepening China-UAE relations and support the development of UAE enterprises.'
About DAE
Dubai Aerospace Enterprise (DAE) Ltd is a globally recognized aviation services corporation with two divisions: DAE Capital and DAE Engineering. Headquartered in Dubai, DAE serves over 200 airline customers in over 85 countries from its eight office locations in Dubai, Dublin, Limerick, Amman, Singapore, Miami, New York, and Seattle.
DAE Capital is an award-winning aircraft lessor with an owned, managed, and committed fleet of approximately 750 Airbus, ATR, Embraer, and Boeing aircraft with a fleet value of US$22 billion. DAE Engineering provides regional MRO services to customers in Europe, Middle East, Africa, and South Asia from its state-of-the-art facility in Amman, Jordan, accommodating up to 17 wide and narrow body aircraft. It is authorized to work on 15 aircraft types and has regulatory approval from over 25 regulators globally. More information can be found on the company's website at www.dubaiaerospace.com.
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