Middle East's biggest plane-leasing company says repurchases will be conducted through open market transactions
Dubai Aerospace Enterprise (DAE), the Middle East’s biggest plane-leasing company, said on Monday its board and shareholders have approved a bond repurchase program of up to $300 million.
Repurchases will be conducted through open market transactions, the company said in a statement. Pursuant to this approval, Dubai Aerospace Enterprise has repurchased $43 million of bonds maturing in 2024.
Dubai Aerospace Enterprise’s bonds "are currently trading at prices and spreads not consistent with the company’s market position and strong credit profile," said managing director Khalifa AlDaboos.
"The strength of our balance sheet and our projected cash position allow us to repurchase our bonds at a considerable discount and improve the gross leverage position of the company.”
Dubai Aerospace Enterprise currently has $2.3 billion in bonds in US capital markets, it said, without providing further details of its bond repurchase.