The Board of Directors and Shareholders of Dubai Aerospace Enterprise had authorised an additional $300 million for bond repurchases to be conducted through open market transactions. To date, DAE has repurchased approximately $1.13bn of principal amount of its publicly traded bonds under the previous authorisations of $1.2 billion.
DAE now has $370 million of available authority to repurchase bonds.
DAE chief executive Firoz Tarapore said: “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.”
DAE currently has approximately $3.5 billion of publicly traded bonds outstanding in the capital markets.