Dubai Aerospace Enterprise (DAE) today (April 19) announced 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 $1.13 billion of principal amount of its publicly traded bonds under the previous authorisations of $1.2 billion.
A global aviation services company headquartered in Dubai, DAE has more than 35 years of experience with its leasing and engineering divisions serving over 170 customers around the world from seven offices in Dubai, Dublin, Amman, Singapore, New York, Miami and Seattle.
The aerospace major now has $370 million of available authority to repurchase bonds.
"Recent volatility in the rates market has allowed us to step up the repurchase of our secured and unsecured bonds. Today, we are increasing our available authorization to create capacity to repurchase additional bonds as market opportunities arise," remarked its CEO Firoz Tarapore
DAE currently has approximately $3.5 billion of publicly traded bonds outstanding in the capital markets, he added.-TradeArabia News Service