KHALEEJ TIMES, Wednesday, Sep 15, 2021 | Safar 8, 1443
DAE announces early retirement of $488m of senior unsecured notes
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
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