DAE increases bond repurchase programme by US$300 million

DUBAI, Dubai Aerospace Enterprise, DAE, Ltd. announced today that its Board of Directors and shareholders had authorised an additional US$300 million for bond repurchases to be conducted through open market transactions. To date, DAE has repurchased approximately US$555 million of the principal amount of its publicly traded bonds under the previous authorisations of US$600 million.

DAE Chief Executive Officer Firoz Tarapore said, “We repurchased approximately US$70 million since recommencing the programme last week. Today, we are increasing our available authorisation as the current disruption in credit markets is creating opportunities for us to acquire our outstanding debt at compelling price levels. The current liquidity profile of the company remains robust.”

DAE currently has US$2.75 billion of publicly traded bonds outstanding in the US capital markets.

Source: Emirates News Agency