Dubai aviation firm DAE authorises additional $300 million for bond repurchases
DAE has already repurchased $1.13b of principal amount of its publicly traded bonds
Dubai: Dubai Aerospace Enterprise (DAE) has announced an additional $300 million for bond repurchases, which will be conducted through open market transactions. This decision was made by the Board of Directors and shareholders, and brings the total authorized amount to $1.5 billion. DAE has already repurchased approximately $1.13 billion of principal amount of its publicly traded bonds under previous authorizations, leaving $370 million available for future repurchases.
“Recent volatility in the rates market has allowed us to step up the repurchase of our secured and unsecured bonds,” said DAE CEO Firoz Tarapore. “Today, we are increasing our available authorization to create capacity to repurchase additional bonds as market opportunities arise.”