DAE increases bond repurchase program by $300m

By Angel Chan

DUBAI 28 November 2018: Dubai Aerospace Enterprise (DAE) Ltd. announced that it has been authorised an additional US$300 million for bond repurchases to be conducted through open market transactions.

To date, DAE has repurchased $295 million of principal amount of its publicly traded bonds under the previous authorization of $300 million.

DAE Chief Executive Office Firoz Tarapore said: “The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory. 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.”

DAE currently has $3 billion of publicly traded bonds outstanding in the US capital markets.