Dubai, UAE — Dubai Aerospace Enterprise (DAE) said Wednesday that its Board of Directors and shareholders have authorized an additional $300 million for bond repurchases.
The fresh repurchase will be made through open market transactions. DAE said in a statement that to date it has repurchased approximately $1.13 billion of principal amount of its publicly traded bonds under the previous authorizations of $1.2 billion.
DAE now has $370 million of available authority to repurchase bonds. The lessor currently has approximately $3.5 billion of publicly traded bonds outstanding in the capital markets.
Headquartered in Dubai, DAE serves over 170 airline customers in over 65 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle.
DAE Chief Executive Officer Firoz Tarapore said, “Recent volatility in the rates market has allowed us to step up the repurchase of our secured and unsecured bonds. Today, we are increasing our available authorization to create capacity to repurchase additional bonds as market opportunities arise.”