Travel & Hospitality Dubai Aerospace Enterprise signs $800m unsecured term financings By Gavin Gibbon December 27, 2022 DAE Dubai Aerospace Enterprise president says previously travel shy ‘Irish granny’ could be the industry's ‘canary in the coal mine' Global aviation services company Dubai Aerospace Enterprise (DAE) Ltd has signed a new senior unsecured term financings for a total of $800 million. The term financings have a weighted average maturity of 5.5 years in two transactions and were each underwritten by a “leading bank in the region”, according to a statement on Tuesday. Firoz Tarapore, chief executive officer of DAE, said: “The signing of these financing facilities underscores DAE’s commitment to maintaining exceptional liquidity and a strong balance sheet. We have no near-term debt maturities, providing us with significant flexibility in the current interest rate environment.” Dubai Aerospace uncertain of getting planes back from RussiaDubai’s first passenger drones to fly in 2024 Earlier this year DAE announced that profit before exceptional items had increased 125 percent year-on-year to $203.6 million, with cash flow from operating activities up 20 percent to $956.6 million. In December, DAE revealed that its board of directors and shareholders had authorised an additional $300 million for bond repurchases to be conducted through open market transactions. To date, DAE has repurchased approximately $815 million of principal amount of its publicly traded bonds under the previous authorisations of $900 million. DAE now has $385 million of available authority to repurchase bonds. DAE currently has $3.2 billion of publicly traded bonds outstanding in the capital markets.