The Board of Directors and shareholders of Dubai Aerospace Industries Ltd. granted the company an authorization to add $ 300 million to the bond repurchase program that will be implemented through open market operations. < / p>
According to the newspaper, the company has indicated that it has so far repurchased $ 555 million of the principal amount of its bonds traded under previous mandates of $ 600 million.
Since the program resumed last week, it has repurchased $ 70 million of bonds, and the situation in the credit markets provides opportunities to purchase debt owed at attractive price levels, said Feroz Tarapur, the company’s CEO. The company currently has $ 2.75 billion of bonds outstanding in US financial markets.
