DAE Capital, the aircraft leasing financial business arm of Dubai Aerospace Enterprise (DAE), handed over the second Boeing 777 Freighter to Emirates SkyCargo last week. Six more Boeing 777 Freighters are expected to be delivered to DAE between 2009 and 2014.
DAE has also secured a US$450 million Guaranteed Loan Facility from Citibank, N.A. to fund the purchase of 9 aircraft from Boeing with delivery dates between June 2009 to April 2010. The Export-Import Bank of the United States will guarantee 100% of the principal and interest. In the near future, DAE also plans to issue a capital markets note to replace the borrowing from this facility and further diversify its funding sources.
