DAE signs 4-year credit facility

Dubai Aerospace Enterprise said on Tuesday it had reached an agreement with banks for a four-year credit facility to replace an existing one that matures on July 23.

DAE, whose leasing unit cancelled billions in aircraft orders this month, did not state the size of the credit facility nor any other terms.

Citi , Deutsche Bank, Emirates NBD and Lloyds were bookrunners for an existing $800 million loan, maturing in July, and Noor Islamic Bank was mandated arranger, according to Thomson Reuters data.

After ordering more than 200 aircraft during an industry boom in 2007, Dubai Aerospace's leasing unit has been forced to cancel orders.

Earlier this month, DAE cancelled outstanding Airbus orders worth $5.8 billion. Last week, it also cancelled orders for 35 Boeing 737s.