DAE’s $720m credit facility with 9 banks

Dubai

Aerospace Enterprise (DAE) on Thursday said it has signed a new unsecured $720 million (Dh2.64 billion) revolving credit facility with nine international banks in the US, Europe, and Asia.

The credit facility has a maturity of five years. DAE said it will “significantly boost” its liquidity profile and provide more flexibility ... “to acquire assets and grow [the] business.” Its efforts to strengthen liquidity and overall financial position is part of plans to achieve investment-grade ratings. (Staff Report)