DAE increases bond repurchase program by US$300 million

Dubai Aerospace Enterprise (DAE) announced 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$555 million of principal amount of its publicly traded bonds under the previous authorizations of US$600 million.

DAE Chief Executive Officer Firoz Tarapore said: “We repurchased approximately US$70 million since recommencing the program last week. Today, we are increasing our available authorization as the current disruption in credit markets is creating opportunities for us to acquire our outstanding debt at compelling price levels. The current liquidity profile of the company remains robust.”

DAE currently has US$2.75 billion of publicly traded bonds outstanding in the U.S. capital markets.