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DAE Upsizes Revolving Credit, Buys Back Shares Worth $250 Million
Air Transport

DAE Upsizes Revolving Credit, Buys Back Shares Worth $250 Million

Emirates NBD runs the books

TLME News Service

Dubai Aerospace Enterprise (DAE) Ltd. announced that it has increased an existing revolving credit facility to US$600 million from the original amount of US$535 million announced in December 2018.

ENBD is the sole Mandated Lead Arranger and Bookrunner.

DAE Increases Bond Repurchase Programme by $300 Million

Earlier, DAE Ltd. had announced repurchase of outstanding common shares worth $250 million. DAE also announced that it had received $250 million in connection with the early partial repayment of a Note Receivable from certain shareholders.

Firoz Tarapore, Chief Executive Officer of DAE commented: “We are committed to maintaining a strong balance sheet and generating best-in-class margins, returns and leverage. Repurchasing our shares at this time allows us to optimize the capital we need to run our business efficiently.”

Read More: DAE’s Managed Aircraft Portfolio Grows to 54