Dubai, U.A.E., 02 March 2020 – Dubai Aerospace Enterprise (DAE) Ltd. today announced that it had recommenced its bond repurchase program. Since the inception of the program in mid-2018, DAE has repurchased approximately US$485 million of principal amount of bonds and has remaining authorisation to repurchase a further approximately US$115 million.
DAE Chief Executive Officer Firoz Tarapore said: “The current trading levels of our bonds are not consistent with the balance sheet strength, credit ratings and the liquidity position of the Company. We currently have five tranches of debt outstanding, and while the longer-dated maturity bonds are the most undervalued, we intend to repurchase available securities in each tranche at the appropriate price levels.”
DAE currently has approximately US$2.8 billion of publicly traded bonds outstanding in the 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 to own and manage fleet of approximately 410 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$15.5 billion. More information can be found on the company’s web site at www.dubaiaerospace.com.
For further information, please contact:
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