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21 April 2024

DAE signs new US$420 million 5-year unsecured term loan

Published
By E247

Dubai Aerospace Enterprise (DAE) Ltd (“DAE”), the global aviation services company, today announced that it has signed a US$420 million 5-year unsecured term loan with China Construction Bank (DIFC Branch) and China Construction Bank (Asia) Corporation Limited (“CCB”). The loan will support the future financing needs of the business.
 
Firoz Tarapore, Chief Executive Officer of DAE said: “We are delighted to announce this transaction, reflecting a further deepening of an already strong relationship with the DIFC Branch of one of the world’s leading banking organizations. This term loan will serve to further strengthen our already exceptional liquidity, which stood at US$4.1 billion at the end of 2023. We would like to thank the CCB DIFC Branch and CCB (Asia) for their continued support, and look forward to continuing to work with CCB in the future.” 
 
Yuan Shengrui, Senior Executive Officer at China Construction Bank (DIFC Branch) said: “CCB DIFC Branch is delighted to collaborate again with DAE, a globally significant enterprise in the aviation sector. We are dedicated to maintaining a customer-centric approach, leveraging CCB Group's competitive advantage in the financial market and continue to strive to provide DAE with a more diverse range of financial products and services.”
 
Daphne Wat, Deputy Chief Executive at China Construction Bank (Asia) Corporation Limited, said, “DAE is one of the top players in global aviation industry. We are honored to have supported DAE as the Global Coordinator of this landmark transaction. We look forward to continuing the partnership with DAE with our strong presence in aviation sector and proficiency in Hong Kong syndication market.”