Dubai Aerospace Enterprise (DAE), the global aviation services company, has signed a $300 million 3-year unsecured term loan with the Bank of China (Dubai) Branch, Bank of China Limited, London Branch and Bank of China (Hong Kong) Limited (BOC).
According to the statement, the loan will be used for general corporate purposes and will support the future financing needs of the business.
Firoz Tarapore CEO – DAE
“This transaction with BOC provides us with additional liquidity to support our ongoing commitment to meeting the needs of our airline customers while maintaining a modern and efficient fleet. We are pleased to deepen our relationship with the Bank of China and look forward to continuing our collaboration with the entire Bank of China group in the years ahead.”
Pan Xinyuan, General Manager of the Bank of China (Dubai) Branch, said that, “Bank of China values its growing relationship with DAE and is pleased to support this strategic financing.”
“The successful execution of this transaction reflects the strength of our global network and our ability to deliver tailored solutions that meet the evolving needs of our clients across the aviation sector. In the future, the Bank of China will continue to contribute to deepening China-UAE relations and support the development of UAE enterprises,” Xinyuan further added.
Recently, DAEsigned agreements with two counterparties to sell approximately 75 aircraft. Upon completion, the announced transactions will lower the weighted average age and extend the weighted average remaining lease term of DAE’s passenger fleet. The pro forma fleet composition is expected to consist of approximately 45 percent Boeing aircraft, 42 percent Airbus aircraft, and 13 percent ATR aircraft.
