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May, 31 2018

Dubai Aerospace Enterprise Signs a Deal Worth $900 Million

DAE has also announced that it had signed a landmark unsecured four-year revolving credit facility with a commitment of $480 million which can increase up to $800 million.

Dubai Aerospace Enterprise Signs a Deal Worth $900 Million

Dubai Aerospace Enterprise (DAE) Ltd has announced that its charter division DAE Capital has signed three agreements to sell 16 aircraft which has a total market value of $900 million.

The company said that the aircraft under these agreements include Boeing 737 and Airbus A320, A330, and A350, which has an average age of two years and are currently on lease to 11 airlines in 11 countries.

Firoz Tarapore, CEO of DAE, said, “This divestment activity will help us optimize our portfolio composition and monetize some of our recent larger-scale investments. This transaction does not impact our total number of customers.”

"Proceeds will be used to pay down debt and reinvested to support our ambitious growth plans. Proactively managing our portfolio through active trading is a critical component of our long-term portfolio strategy and it is important for us to remain relevant in all segments of the secondary market for aircraft sales.”

He added that these agreements are expected to close in the second half of 2018.

DAE has also announced that it had signed a landmark unsecured four-year revolving credit facility with a commitment of $480 million which can increase up to $800 million.

The facility includes both conventional and Islamic tranches and it will also support the future finances of the business.

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