Dubai Aerospace Enterprise (DAE) has hired arrangers for a potential 5.25 year U.S.-denominated dollar sukuk, according to a document from one bank seen by Salaam Gateway.
The global aerospace company has mandated Bank ABC, Commercial Bank of Dubai, Crédit Agricole, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Gulf International Bank, Goldman Sachs International, HSBC, JPMorgan, Mizuho, Natixis and Truist Securities as joint lead managers and joint bookrunners to arrange global investor calls and a series of fixed income investor meetings, starting on Monday (Nov 16).
A potential senior unsecured sukuk under a $2.5 billion Trust Certificate Issuance Program could follow the investor calls, subject to market conditions. The notes are expected to be rated Baa3 by Moody’s and BBB- by Fitch.
The company in February secured a five-year $300 million dual tranche financing facility with Emirates Islamic Bank and Emirates NBD Capital. The unsecured term facility can be upsized to $600 million. The loan supports future financing needs of DAE’s business.
Headquartered in Dubai, DAE is one of the largest aircraft leasing companies in the world. Its leasing and engineering divisions serve over 125 airline customers around the world from Dubai, Dublin, Amman, Singapore and the U.S.
DAE is owned by the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai.
(Reporting by Hassan Jivraj; Editing by Emmy Abdul Alim firstname.lastname@example.org)
© SalaamGateway.com 2020 All Rights Reserved