DAE increases bond repurchase programme by US$300 million

To date, DAE has repurchased US$295 million of principal amount of its publicly traded bonds under the previous authorisation of US$300 million.

DAE chief executive officer Firoz Tarapore said: “The current trading levels of our bonds are not consistent with our current credit ratings, strong financial performance or our projected ratings trajectory. 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.”