DAE repays US$705 million bank loan ahead of scheduled maturity

Dubai Aerospace Enterprise (DAE) Ltd. announced today that it has fully repaid a US$705 million bank loan facility from the proceeds of the sale of StandardAero. The facility was provided by Barwa Bank, Deutsche Bank, Emirates NBD Bank, and Noor Bank.

DAE Managing Director Khalifa H. AlDaboos said: “We value our very strong relationships with the global banking community. We had committed to repay the full principal amount in 2015 and we were able to deliver on our commitment. This reinforces our credibility with banks and further strengthens our ability to quickly finance large transactions with the assistance of our partner banks.”

DAE Chief Executive Officer Firoz Tarapore said: “Paying down the corporate facility coupled with the gain on sale of StandardAero significantly strengthens our balance sheet. Today, DAE is one of the most strongly capitalized aircraft leasing companies in the world. This balance sheet strength enhances our ability to provide large, custom-tailored leasing solutions to our airline clients on a global basis. Our current target is to double the book value of our aircraft leasing portfolio in an accelerated timeframe.”