(Bloomberg) -- Dubai Aerospace Enterprise Ltd., the Middle East’s biggest plane-leasing company, said its board and shareholders approved a bond repurchase program of up to $300 million.
Repurchases will be conducted through open market transactions, the company said in an emailed statement. Pursuant to this approval, Dubai Aerospace Enterprise has repurchased $43 million of bonds maturing in 2024.
Dubai Aerospace Enterprise’s bonds "are currently trading at prices and spreads not consistent with the company’s market position and strong credit profile," Managing Director Khalifa AlDaboos said. "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.”
Dubai Aerospace Enterprise currently has $2.3 billion in bonds in U.S. capital markets, it said, without providing further details of its bond repurchase.
Read more: Dubai Aerospace Enterprise Obtains Unsecured Revolving Facility
©2018 Bloomberg L.P.