November 27, 2018 / 12:15 PM / 21 days ago

Dubai Aerospace authorised to buy back $300 mln in bonds

DUBAI, Nov 27 (Reuters) - State-controlled Dubai Aerospace Enterprise (DAE) said on Tuesday its board and shareholders had authorised the repurchase of an additional $300 million of its bonds through open market transactions.

“The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory,” DAE Chief Executive Firoz Tarapore said in a statement.

DAE said it had already bought back $295 million of principal amount of its public bonds under a previous limit of $300 million.

Reporting by Davide Barbuscia and Alexander Cornwell Editing by Edmund Blair

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