DAE Increases Bond Repurchase Program by $300 Million

DAE Increases Bond Repurchase Program by $300 Million

Has $385 million of available authority for repurchase

Dubai Aerospace Enterprise (DAE) Ltd announced today 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 approximately $815 million of principal amount of its publicly traded bonds under the previous authorizations of $900 million.

DAE now has $385 million of available authority to repurchase bonds.

DAE Chief Executive Officer Firoz Tarapore said: “Today, we are increasing our available authorization as the current interest rate environment is creating opportunities for us to acquire our outstanding debt at compelling price levels.”

DAE currently has $3.2 billion of publicly traded bonds outstanding in the capital markets.

Read More: DAE Announces Financial Results for the First Nine Months of 2022

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