DAE announces early retirement of US$1.25 billion of Senior Notes

Dubai Aerospace Enterprise (DAE) has delivered a notice of early redemption (the Redemption Notice) to the holders of the company’s US$800 million 4.50% Senior Notes due 2022 (the 4.50% Notes) and US$1,000 million 5.00% Senior Notes due 2024. The Notes are scheduled to be redeemed on August 2, 2021. The outstanding principal amount of the Notes as of the date of the Redemption Notice was approximately US$1,250 million.

The Notes will be redeemed in accordance with the terms and conditions of the applicable indenture at a redemption price equal to 100.000% of the principal amount of the 4.50% Notes and 102.500% of the principal amount of the 5.00% Notes, plus accrued and unpaid interest, if any.

In 2021, DAE issued new Senior Unsecured Notes with a combined principal amount of US$2,550 million, with a weighted average maturity of 4.5 years, and has redeemed or announced for redemption Senior Unsecured Notes with a combined outstanding principal balance of approximately US$1,700 million.