Dubai Aerospace plans to raise over $2bln for working capital needs: Report

By Zawya

By Staff Writer

Dubai Aerospace Enterprise (DAE), an aircraft lessor and engineering company, plans to raise $2.1 billion to meet its working capital requirements, according to a Bloomberg report.

The seven-year loan will be structured in two tranches: one in US dollars and the other in UAE dirhams, the news agency reported, quoting an unnamed source.

The lead arrangers and bookrunners for this loan include Bank of China, Emirates NBD, Oversea-Chinese Banking Corp., Industrial and Commercial Bank of China, and China Construction Bank (Asia) Corp.

The dollar tranche is expected to be priced at 110 basis points (bps) over the Secured Overnight Financing Rate, while the AED portion is likely to be priced at 95 bps over the Emirates Interbank Offered Rate.

DAE is owned by Dubai's wealth fund ICD.

(Editing by Seban Scaria seban.scaria@lseg.com )

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