Dubai Aerospace Enterprise says its board and shareholders have authorised an additional $300m for bond repurchases
Dubai Aerospace Enterprise (DAE), the Middle East’s biggest plane-leasing company, on Tuesday announced that its board and shareholders have authorised an additional $300 million for bond repurchases.
To date, DAE said it has repurchased $295 million of principal amount of its publicly traded bonds under the previous authorization of $300 million.
The company added in a statement that the latest repurchases will be conducted through open market transactions.
DAE CEO Firoz Tarapore said: “The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory.
"We continue to generate cash and capital at a rate that allows us the flexibility to remove inefficient components of our liability structure, and improve our gross leverage ratios.”
DAE said it currently has $3 billion of publicly traded bonds outstanding in the US capital markets.