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Dubai, U.A.E. - 13 December 2022 – Dubai Aerospace Enterprise (DAE) Ltd announced today that its Board of Directors and Shareholders had authorized an additional US$300 million for bond repurchases to be conducted through open market transactions. To date, DAE has repurchased approximately US$815 million of principal amount of its publicly traded bonds under the previous authorizations of US$900 million. DAE now has US$385 million of available authority to repurchase bonds.
DAE Chief Executive Officer Firoz Tarapore said: “Today, we are increasing our available authorization as the current interest rate environment is creating opportunities for us to acquire our outstanding debt at compelling price levels.”
DAE currently has US$3.2 billion of publicly traded bonds outstanding in the capital markets.
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