Dubai Aerospace Enterprise (DAE) has announced that its board of directors and shareholders have authorised an additional $300 million for bond repurchases to be conducted through open market transactions. 

 

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, said a statement.

 

DAE Chief Executive Officer Firoz Tarapore said: “Today, we are increasing our available authorization as the current interest rate environment is creating opportunities for us to acquire our outstanding debt at compelling price levels.”

 

DAE currently has $3.2 billion of publicly traded bonds outstanding in the capital markets, it said.  - TradeArabia News Service