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Overview

Agricultural Bank of China contributes to $800 million syndicated loan to Dubai Aerospace Enterprise (DAE) Ltd.

Commitments (Constant USD, 2023)$73,185,184
Commitment Year•2018Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 4, 2018
Start (actual)
Oct 4, 2018
End (actual)
Oct 4, 2018
Last repayment (originally scheduled)
Oct 3, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Agricultural Bank of China (ABC)

Cofinancing agencies

Private Sector

  • Al Ahli Bank of Kuwait K.S.C.P
  • ICICI Bank Limited
  • Noor Bank PJSC (Formerly Noor Islamic Bank)
  • Union Bank of India
  • Woori Bank Co., Ltd.

State-owned Banks

  • Bank of Baroda
  • First Abu Dhabi Bank PJSC (FAB)
  • National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK)
  • State Bank of India (SBI)

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

State-owned companies

  • Dubai Aerospace Enterprise (DAE) Ltd.

Loan description

2018 syndicated $800 million loan from ABC, CCB, and others to Dubai Aerospace Enterprise (DAE) Ltd. to purchase new aircraft, spare engines, and pre-delivery financing in the UAE

Interest type•UnknownMaturity•4 years

Narrative

Full Description

Project narrative

On October 4, 2018, Dubai Aerospace Enterprise (DAE) Ltd., a Dubai-headquartered aerospace corporation and aircraft leasing company, announced that it had successfully closed a USD $800 million revolving loan facility with 11 regional and international banks including the Agricultural Bank of China (ABC). The four-year accordion credit facility, initially launched for an amount of $480 million in May 2018, achieved substantial oversubscription. The borrowing terms of the loan are unknown. The proceeds of the loan were to be used by DAE to purchase new aircraft, spare engines, and pre-delivery financing. Al Ahli Bank of Kuwait coordinated the loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger. China Construction Bank Corporation's contribution to the loan is captured via Record ID#98762.

Staff comments

1. The individual contributions of the banks that participated in the $800,000,000 syndicated loan are unknown. For the time being, AidData assumes equal contributions ($72,727,272) across all 11 members of the loan syndicate.