Dubai Aerospace taps into debt markets, sells $1 billion in bonds

DAE
Aircraft leasing firm Dubai Aerospace Enterprise (DAE) sold $1 billion (Dh3.67 billion) in bonds due in August 2024. Image Credit: Supplied

Dubai: Aircraft leasing firm Dubai Aerospace Enterprise (DAE) sold $1 billion (Dh3.67 billion) in bonds due in August 2024.

In a statement released on Wednesday, DAE said the notes were sold to qualified institutional buyers and that the proceeds will be used for general corporate purposes including redemption of some outstanding debt securities.

DAE reported a revenue of $307.5 million (Dh1.13 billion) in the first quarter, compared to $352 million (Dh1.29 billion) in the same period a year earlier.

The aircraft lessor’s adjusted profit before tax stood at $25 million (Dh91.83 million) in the first quarter, compared to a profit of $83.8 million (Dh307.80) a year earlier. DAE said it grew its aircraft portfolio by taking delivery of 13 fuel efficient aircraft in the first quarter.