Dubai's DAE authorizes additional $300mln for bond repurchase program

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

  
Image used for illustrative purpose. Visitors to Asian Aerospace walk past a Pratt & Whitney engine on display at the U.S. engine maker's stand at the Singapore air show February 28, 2002. A joint venture of Pratt & Whitney and General Electric Co scored a key win in the fiercely competitive aero-engines market on Thursday as Dubai airline Emirates chose them for a deal worth up to $1.5 billion to supply engines for at least 22 huge Airbus A380 superjumbo planes. REUTERS/Luis Enrique Ascui LEA/JD

Image used for illustrative purpose. Visitors to Asian Aerospace walk past a Pratt & Whitney engine on display at the U.S. engine maker's stand at the Singapore air show February 28, 2002. A joint venture of Pratt & Whitney and General Electric Co scored a key win in the fiercely competitive aero-engines market on Thursday as Dubai airline Emirates chose them for a deal worth up to $1.5 billion to supply engines for at least 22 huge Airbus A380 superjumbo planes. REUTERS/Luis Enrique Ascui LEA/JD

REUTERS/Luis EnriqueAscuiLEA/JD

Dubai Aerospace Enterprise (DAE) has authorized an increase in its bond repurchase program by $300 million, to be conducted through open market transactions.

DAE recommenced the program last week and had repurchased before that date $485 million of the principal amount of bonds.

“We repurchased approximately $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.”

The DAE has repurchased so far approximately $555 million of the principal amount of its publicly traded bonds under the previous authorizations of $600 million, it said in a statement.

DAE currently has $2.75 billion of publicly traded bonds outstanding in the US capital markets, the statement adds.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#DAE #BONDS #AEROSPACE #ISLAMICFINANCE #DUBAI

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