Sanad, the global aerospace engineering and leasing solutions leader wholly-owned by Mubadala Investment Company, has secured a new $100 million evergreen revolving credit facility with First Abu Dhabi Bank (FAB).
The new financing deal with the UAE’s largest bank and one of the world’s largest and safest financial institutions, signed during this week’s Dubai Airshow 2021, extends Sanad and FAB’s 10-year relationship which has now seen the two UAE-based companies close over $950 million worth of combined agreements. The various financings are extended in support of Sanad’s global spare engine leasing and component access portfolios.
Troy Lambeth, Group Chief Executive Officer of Sanad, said: “Our longstanding banking relationship with FAB, the oldest and largest within Sanad, has played a key role in our growth as a reliable financial solutions provider within the industry. Working closely with each of our banking partners, we have been well positioned to provide attractive long-term financing solutions to our customers since our launch. We are delighted to see our relationship with FAB expand to this new facility as we now look to extend our product and service offerings further across the industrial services sector.”
Mohanad Al-Borno, Head of Global Banking at FAB added: “We are pleased with our partnership with Sanad and supporting their growth as well as promoting Abu Dhabi as a global aviation hub. Sanad has established a reputation for excellence in the aviation industry and with this new transaction, we further expand our relationship with Sanad and our confidence in the company’s positioning and future potential. We highly value the strong relationship with Sanad and Mubadala and look forward to our continued support of the company’s growth in the years ahead.”
Since 2011, FAB has led a number of Sanad’s financing agreements in support of various existing and new spare engine and component programmes globally.-- TradeArabia News Service