Emirates: Dubai Aerospace Enterprise (DAE) has announced that it had delivered a notice of early redemption to the holders of the company’s $500 million of 5.25 per cent senior notes due 2021.

The notes are scheduled to be redeemed on October 15, 2021. The outstanding principal amount of the notes as of the date of the redemption notice was approximately $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 per cent of the principal amount of the notes, plus accrued and unpaid interest, if any.

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 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 approximately $2.2 billion.