DAE Increases Bond Repurchase Program by $300 Million
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.