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 hasremaining 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.