UAE-based global aviation services company, Dubai Aerospace Enterprise (DAE) has announced that its Board of Directors and Shareholders had authorized an additional $300 million for bond repurchases to be conducted through open market transactions.
According to the statement, “To date, DAE has repurchased approximately $1.13 billion of the principal amount of its publicly traded bonds under the previous authorizations of $1.2 billion.”
Dubai Aerospace Enterprise now has $370 million of available authority to repurchase bonds. Further, DAE currently has approximately US$3.5 billion of publicly traded bonds outstanding in the capital markets.
Mr. Firoz Tarapore, Chief Executive Officer of Dubai Aerospace Enterprise, said that, “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,” Mr. Tarapore further added.
Dubai Aerospace Enterprise is a global aviation services company and one of the largest aircraft leasing companies in the world. It is a globally recognized aviation services corporation with two divisions and they are DAE Capital and DAE Engineering.
Based in Dubai, DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.