Dubai Aerospace Enterprise (DAE) Ltd. has announced that its Board of Directors and Shareholders had authorized an additional $300 million for bond repurchases to be conducted through open market transactions.
To date, DAE has repurchased $295 million of principal amount of its publicly traded bonds under the previous authorization of $300 million.
DAE Chief Executive Office Firoz Tarapore said: “The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory.
“We continue to generate cash and capital at a rate that allows us the flexibility to remove inefficient components of our liability structure, and improve our gross leverage ratios.”
DAE currently has $3.0 billion of publicly traded bonds outstanding in the US capital markets.