Dubai – Mubasher: Dubai Aerospace Enterprise (DAE) Ltd on Tuesday revealed that its board and shareholders have approved new bond repurchases of up to $300 million to be carried out through open market transactions.
To date, DAE has repurchased $295 million of the principal amount of its publicly-traded bonds under the previous authorisation of $300 million, it said in an official statement.
“The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory,” commented DAE CEO Firoz Tarapore.
He added that the company had continued to generate cash and capital at a rate that provided it with the flexibility to remove inefficient components of its liability structure and improve its gross leverage ratios.
DAE currently has $3.0 billion of publicly-traded bonds outstanding in US capital markets, it said.
