Dubai Aerospace Enterprise (DAE) has priced US$1 billion aggregate principal amount of 1.55% notes due 2024. The notes represent senior unsecured obligations and will be issued under DAE’s Global Medium-Term Note Program, which is rated ‘BBB-’ by Fitch Ratings and ‘Baa3’ by Moody’s Investors Service.
The notes will be issued by DAE Funding LLC and guaranteed by Dubai Aerospace Enterprise (DAE) Ltd. The notes, which matured of August 1, 2024, will be issued at a price of 99.427%.
The net proceeds will be used for general corporate purposes including redemption of certain outstanding debt securities issued by DAE Funding LLC.
BNP Paribas, Credit Agricole CIB, Emirates NBD Capital, J.P. Morgan (B&D) and Truist Securities are active bookrunners. BNP Paribas, Credit Agricole CIB, Emirates NBD Capital, Fifth Third Securities, First Abu Dhabi Bank, Goldman Sachs, HSBC, J.P. Morgan (B&D), Mizuho Securities, Morgan Stanley, Natixis and Truist Securities are joint lead managers and bookrunners. Co-managers are Bank ABC, Commercial Bank of Dubai, Deutsche Bank and Gulf International Bank.