UAE-based airplane lessor Dubai Aerospace Enterprise, one of the largest plane lessors in the world, said that it had inked new agreements for an unsecured term financing for a total of $800 million.

Two transactions have a weighted average duration of 5.5 years, and each facility was underwritten by a major regional bank, according to a statement.

“The signing of these financing facilities underscores DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet,” said Firoz Tarapore, chief executive of DAE.

“We have no near-term debt maturities, providing us with significant flexibility in the current interest rate environment,” Tarapore added.

DAE incurred a nine-month loss following a write-off of $576.5 million before taxes for “loss of control” over aircraft previously leased to Russian-based airlines.

In the first nine months of 2022, the company lost $335 million versus a profit attributable to equity holders of $90.9 million during the same period in the prior year.

However, the Dubai-based plane lessor reported that before net exceptional items, it had a profit of $202.6 million attributable to equity investors for the nine months that ended on September 30.

The group’s liquidity and capital adequacy ratios are still high despite the write-off, the business claimed. On September 30, available liquidity was $2.8 billion, down from $2.9 billion on December 31, 2021.