DAE increases bond repurchase program by US$300 million

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.