DAE approves $300m bond repurchase plan

Dubai: Aircraft lessor Dubai Aerospace Enterprise (DAE) on Monday said its board of directors and shareholders have approved a bond repurchase programme of up to $300 million (Dh1.1 billion).

Prior to receiving this approval, DAE had repurchased $43 million of its bonds that will mature in 2024, it said, adding that its bonds are currently trading at prices and spreads “not consistent with the company’s market position and strong credit profile.”

DAE currently has $2.3 billion in bonds in US capital markets.