DAE Board of Directors approve US$300 million bond repurchase program
Dubai, U.A.E., 9 July 2018 – Dubai Aerospace Enterprise (DAE) Ltd. announced today 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 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.”
DAE currently has US$2.3 billion in bonds in US capital markets.
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About DAE
Dubai Aerospace Enterprise (DAE) Ltd. is a globally recognized aerospace corporation and one of the largest aircraft leasing companies in the world. Headquartered in Dubai, DAE’s leasing and engineering divisions serve over 125 airline customers around the world from its seven locations in Dubai, Dublin, Amman, Singapore and the US.
DAE’s award-winning leasing division DAE Capital has an owned, managed and committed fleet of nearly 400 Airbus, ATR and Boeing aircraft with a fleet value of US$ 15 billion. More information can be found on the company’s web site at www.dubaiaerospace.com.
For further information, please contact:
Arne Bevaart +971 4 428 9591 | Alec Elliott +353 87 187 9161 | press.office@dubaiaerospace.com