Travel, Tourism & Hospitality
DAE announces early retirement of $488m of Senior Notes
Dubai Aerospace Enterprise (DAE) has announced that it had delivered a notice of early redemption to the holders of its $500 million of 5.25% Senior Notes. The outstanding principal amount of Notes - set to be redeemed on October 15 - was $488 million.
Dubai Aerospace Enterprise (DAE) has announced that it had delivered a notice of early redemption (the Redemption Notice) to the holders of its $500 million of 5.25% Senior Notes due 2021. These Notes are scheduled to be redeemed on October 15, 2021.
A global aviation services company headquartered in Dubai, DAE serves over 170 airline customers in more than 65 countries from its seven office locations - Dubai, Dublin, Amman, Singapore, Miami, New York and Seattle.
The outstanding principal amount of the Notes as of the date of the Redemption Notice was $488 million.
The Notes will be redeemed in accordance with the terms and conditions of the applicable indenture at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest, if any, said the statement from DAE.
Wells Fargo Bank, is the trustee and paying agent for the Notes. The terms of the redemption are further described in the Redemption Notice.
In the last 12 months, DAE had issued new Senior Unsecured Notes with a combined principal amount of $3.3 billion with a weighted average maturity of 4.7 years, and redeemed or announced for redemption Senior Unsecured Notes with a combined outstanding principal balance of $2.2 billion.-TradeArabia News Service