Dubai Aerospace Enterprise (DAE) announced today (July 9) that its board of directors and shareholders have approved a bond repurchase programme of up to $300 million.

Repurchases will be conducted through transactions in the open market. DAE also announced that pursuant to this approval it had repurchased $43 million of its bonds maturing in 2024, said a statement from the company.

DAE managing director Khalifa Al Daboos said: “Our bonds, in our opinion, are currently trading at prices and spreads not consistent with the company’s market position and strong credit profile.”

“The strength of our balance sheet and our projected cash position allow us to repurchase our bonds at a considerable discount and improve the gross leverage position of the company,” he added.

DAE currently has $2.3 billion in bonds in US capital markets, it stated. – TradeArabia News Service