Dubai Aerospace Enterprise (DAE) announced today that its board of directors and shareholders had authorised an additional $300 million for bond repurchases to be conducted through open market transactions.
To date, DAE has repurchased approximately $555 million of principal amount of its publicly traded bonds under the previous authorisations of $600 million.
DAE Chief Executive Officer Firoz Tarapore said: “We repurchased approximately $70 million since recommencing the program 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 $2.75 billion of publicly traded bonds outstanding in the US capital markets. - TradeArabia News Service