November 2, 2018 / 12:15 PM / 13 days ago

Dubai Aerospace raises $1 billion in dual-tranche notes

DUBAI, Nov 2 (Reuters) - Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft leasing firms, said on Friday it had raised $1 billion in bonds, $250 million less than the amount it had originally said it planned to raise.

The government-controlled Dubai firm has issued $500 million in senior notes due in 2021 and $500 million due in 2023, it said in a statement.

The proceeds from the debt sale will be used for general corporate purposes and to refinance existing debt.

The company had said this week that it planned to issue $1.25 billion in senior notes.

DAE, set up in 2006, became one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year, when it issued $2.3 billion in senior bonds split across three tranches, partly to finance the acquisition.

Reporting by Davide Barbuscia Editing by Edmund Blair

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