DAE raises bond repurchase programme by $300 million

DUBAI / WAM

Dubai Aerospace Enterprise (DAE) announced that its board of directors and shareholders had authorised an additional $300 million for bond repurchases to be conducted through open market transactions.
To date, DAE has repurchased approximately $1.13 billion of principal amount of its publicly traded bonds under the previous authorisations of $1.2 billion. DAE now has $370 million of available authority to repurchase bonds.
DAE Chief Executive Officer Firoz Tarapore said, “Recent volatility in the rates market has allowed us to step up the repurchase of our secured and unsecured bonds. Today, we are increasing our available authorisation to create capacity to repurchase additional bonds as market opportunities arise.”
DAE currently has approximately US$3.5 billion of publicly traded bonds outstanding in the capital markets. DAE is a globally recognised aviation services corporation with two divisions: DAE Capital and DAE Engineering. Headquartered in Dubai, DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.