#Dubai Aerospace Enterprise prices $300mln 1.625% notes due 2024 | ZAWYA MENA Edition

Dubai Aerospace Enterprise prices $300mln 1.625% notes due 2024 | ZAWYA MENA Edition

Dubai Aerospace Enterprise (DAE), one of the world’s biggest aircraft leasing companies, has priced $300 million aggregate principal amount of 1.625 percent notes due 2024, it said in a statement Monday.

The notes represent senior unsecured obligations and will be issued under DAE’s $2.5 billion Global Medium-Term Note Program, which is rated ‘BBB-‘ by Fitch Ratings and ‘Baa3’ by Moody’s Investors.

The notes, to be issued by DAE Funding and guaranteed by DAE, will be issued at a price of 99.427 percent. The notes mature on February 15, 2024, while the settlement date of the notes is February 1, 2021.

DAE, owned by the Investment Corporation of Dubai, said the net proceeds from the notes will be used for general corporate purposes including redemption of certain existing notes.