DAE allocates $ 300 million to bond repurchase program

Dubai, November 27, 2018 (WAM)
Dubai Aerospace Enterprise (DAE) today announced that its Board of Directors and shareholders have approved an additional $ 300 million for bond buybacks to be made through open market transactions.
To date, DAE has repurchased US $ 295 million of US $ 300 million under a previous mandate.
“The current trading levels of our bonds are not in line with our current credit ratings, strong financial performance or our expected ratings,” said Fayrouz Tarabur, CEO of DAE. “We continue to strengthen our capital and cash position at a rate that allows us flexibility to remove inefficient components of the liabilities structure and improve ratios Our total leverage.
DAE currently has $ 3 billion of outstanding US capital market bonds.