DAE increases bond repurchase program

Dubai Aerospace Enterprise (DAE) Board of Directors and Shareholders have authorised an additional $300 million for bond repurchases to be conducted through open market transactions. To date, DAE has repurchased approximately $815 million of the principal amount of its publicly-traded bonds under the previous authorisations of $900 million. DAE now has $385 million of available authority to repurchase bonds. DAE Chief Executive Officer Firoz Tarapore said: “Today, we are increasing our available authorisation as the current interest rate environment is creating opportunities for us to acquire our outstanding debt at compelling price levels.” DAE currently has $3.2 billion of publicly