DAE raises ‘bond repurchase’ by $300mn

Bloomberg

Dubai Aerospace Enterprise (DAE), the Middle East’s biggest plane-leasing company, said its board and shareholders approved an additional $300 million to repurchase bond.
It will be conducted through open-market transactions, the company said.
To date, Dubai Aerospace has repurchased $295 million of principal amount of its publicly traded bonds under the previous authorisation of $300 million. The company currently has $3 billion of publicly traded bonds outstanding in US capital markets.
“The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory,” CEO Firoz Tarapore said. “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.”