DAE Board Approves US$300 Million Bond Repurchase

Dubai Aerospace Enterprise (DAE) Ltd. has announced that its Board of Directors and Shareholders had approved a bond repurchase program of up to US$300 million.

Repurchases will be conducted through transactions in the open market.

DAE also announced that pursuant to this approval it had repurchased US$43 million of its bonds maturing in 2024.

DAE Signs Landmark Unsecured Revolving Credit Facility

DAE Managing Director Khalifa AlDaboos said: “Our bonds, in our opinion, are currently trading at prices and spreads not consistent with the Company’s market position and strong credit profile.

“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.”

Read More: DAE Signs Agreements to Sell Aircraft Valued at US$900 Million