DAE announces $300 million increase in bond repurchase authorization
Dubai Aerospace Enterprise (DAE) revealed today that its Board of Directors and Shareholders have approved an additional $300 million for bond repurchases through open market transactions. This move follows DAE’s previous repurchases of around US$1.13 billion of principal amount of its publicly traded bonds under the prior authorization of US$1.2 billion. With this new authorization, DAE now has $370 million available to repurchase bonds.
DAE’s Chief Executive Officer, Firoz Tarapore, explained that recent market volatility has enabled the company to increase its repurchases of both secured and unsecured bonds. The additional authorization aims to create the capacity for further repurchases as new market opportunities emerge. As it stands, DAE has approximately $3.5 billion of publicly traded bonds outstanding in the capital markets.
As a global leader in aviation services, DAE operates with two primary divisions: DAE Capital and DAE Engineering. The company is headquartered in Dubai and provides services to over 170 airline clients across more than 65 countries. With a diverse range of office locations, including Dubai, Dublin, Amman, Singapore, Miami, New York, and Seattle, DAE continues to expand its presence within the aviation industry.