Dubai Aerospace Enterprise (DAE) Ltd. 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.
To date, DAE has repurchased $295 million of principal amount of its publicly traded bonds under the previous authorization of $300 million.
DAE Chief Executive Office 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.
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“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 currently has $3.0 billion of publicly traded bonds outstanding in the US capital markets.
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