DAE Increases Bond Repurchase Programme by $300 Million

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.

DAE Announces Senior Notes Offer Pricing at $1 Billion

“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.

Read More: DAE Successfully Closes US$800 Million Revolving Loan Facility