Aircraft leasing firm Dubai Aerospace to buy back $1.25b worth of bonds in August

Dubai: Dubai Aerospace Enterprise (DAE) on Wednesday said it would redeem $1.25 billion worth of bonds in August.

The aircraft leasing firm will redeem $800 million of its 4.50% senior Notes due in 2022 and $1 billion of 5.00% notes due in 2024.

The notes are scheduled to be redeemed on August 2, 2021. The outstanding principal amount of the notes as of the date of the redemption notice was about $1.25 billion.

Wells Fargo Bank, N.A. is the trustee and paying agent for the Notes.

DAE reported a revenue of $307.5 million (Dh1.13 billion) in the first quarter, compared to $352 million (Dh1.29 billion) in the same period a year earlier.

The aircraft lessor’s adjusted profit before tax stood at $25 million (Dh91.83 million) in the first quarter, compared to a profit of $83.8 million (Dh307.80) a year earlier.