Sanad, an aerospace engineering and leasing solutions firm 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, 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, Sanad said in a statement.
Troy Lambeth, Group Chief Executive Officer of Sanad, said, “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 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.”
