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|02 November, 2018

Dubai Aerospace raises $1bln in dual-tranche notes

The government-controlled Dubai firm has issued $500mln in senior notes due in 2021 and $500mln due in 2023

Image used for illustrative purpose. An employee counts U.S. dollars at ACLEDA bank in Phnom Penh March 31, 2010.

Image used for illustrative purpose. An employee counts U.S. dollars at ACLEDA bank in Phnom Penh March 31, 2010.

REUTERS/Chor Sokunthea

DUBAI  - Dubai Aerospace Enterprise (DAE), one of the world's largest aircraft leasing firms, said on Friday it had raised $1 billion in bonds, $250 million less than the amount it had originally said it planned to raise.

The government-controlled Dubai firm has issued $500 million in senior notes due in 2021 and $500 million due in 2023, it said in a statement.

The proceeds from the debt sale will be used for general corporate purposes and to refinance existing debt.

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The company had said this week that it planned to issue $1.25 billion in senior notes. 

DAE, set up in 2006, became one of the world's largest aircraft lessors after acquiring Dublin-based AWAS last year, when it issued $2.3 billion in senior bonds split across three tranches, partly to finance the acquisition.

(Reporting by Davide Barbuscia Editing by Edmund Blair) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))