Dubai Aerospace raises $2.3 bln in senior bonds

Government-controlled Dubai Aerospace Enterprise (DAE) on Sunday said it has priced $2.3 billion in senior bonds split across three tranches.

DAE priced $500 million of 4 percent notes due in 2020, $800 million 4.5 percent bonds due in 2022 and $1 billion 5 percent bonds due in 2024, the firm said in a statement.

“DAE intends to use a portion of the net proceeds from this offering, along with cash on hand, to pay the cash purchase price for its previously announced acquisition of the AWAS group of companies, as well as for related fees and expenses,” the statement said.

In April, the aircraft leasing and maintenance company said it is looking to acquire Dublin-based AWAS from private equity firm Terra Firma Capital Partners and the Canadian Pension Plan Investment Board.