Aircraft lessor Dubai Aerospace Enterprise (DAE) will increase its bond repurchase programme by $300 million, its board has announced.
To date, DAE has repurchased approximately $555 million of principal amount of its publicly traded bonds under the previous authorisations of $600 million.
DAE’s CEO, Firoz Tarapore, said: “We repurchased approximately $70 million since recommencing the programme last week.
“Today, we are increasing our available authorisation 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.”
DAE currently has US$2.75 billion of publicly traded bonds outstanding in the US capital markets.