(Bloomberg) -- Dubai Aerospace Enterprise Ltd., the Middle East's biggest plane-leasing company, said its board and shareholders approved an additional $300 million to repurchase bond.
It will be conducted through open-market transactions, the company said in a statement.
To date, Dubai Aerospace has repurchased $295 million of principal amount of its publicly traded bonds under the previous authorization of $300 million. The company currently has $3 billion of publicly traded bonds outstanding in U.S. capital markets.
"The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory," Chief Executive Officer Firoz Tarapore said. "We continue to generate cash and capital at a rate that allows us the flexibility to remove inefficient components of our liability structure, and improve our gross leverage ratios.”
- NOTE: Dubai Aerospace Enterprise Obtains $720 Million Credit Facility
To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net
To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net, Claudia Maedler
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