Dubai, U.A.E. – Dubai Aerospace Enterprise (DAE) Ltd announced today that its Board of Directors and Shareholders had authorized an additional US$300 million for bond repurchases to be conducted through open market transactions. To date, DAE has repurchased approximately US$1.13 billion of principal amount of its publicly traded bonds under the previous authorizations of US$1.2 billion. DAE now has US$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 authorization 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.