The board of directors of UAE-based airplane lessor Dubai Aerospace Enterprise (DAE) has authorised an additional $300 million for bond repurchases from the $3.2 billion of publicly traded bonds outstanding in the capital markets.

The repurchase will be conducted through open market transactions, the company said in a statement on its website.

To date, DAE has repurchased approximately $815 million of principal amount of its publicly traded bonds under the previous authorizations of $900 million. DAE now has $385 million of available authority to repurchase bonds.

DAE Chief Executive Officer Firoz Tarapore said the repurchase authorization comes as the current interest rate environment "is creating opportunities for us to acquire our outstanding debt at compelling price levels.”

(Writing by Brinda Darasha; editing by Seban Scaria)