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Dubai Aerospace delivers first of 18 Boeing 737 MAX 8 aircraft to American Airlines. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.
UAE-based airplane lessor Dubai Aerospace Enterprise (DAE) has signed new senior unsecured term financing deals for a total of $800 million, with a weighted average maturity of 5.5 years.
Each facility was underwritten by a leading bank in the region, the company said in a statement on Tuesday.
“The signing of these financing facilities underscores DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet,” said Firoz Tarapore, Chief Executive Officer of DAE.
“We have no near-term debt maturities, providing us with significant flexibility in the current interest rate environment.”
Earlier this month, DAE increased its bond repurchase programme by $300 million.
In its financial statement for the nine months ended September 30, the plane lessor said that available liquidity was 2.8 billion, a shade lower year-on-year.
The ratio of its unsecured debt to total debt increased to 72.1% as of September 30, from 69.8% as of December 31, 2021.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
