Global Economy

Dubai Aviation Industries requests early redemption of $ 500 million bonds

Dubai Aviation Industries said it had provided an early redemption notice to “redemption notice” to holders of the company’s $ 500 million bonds, of 5.75% due in 2023.

A statement issued by the Dubai Government Media Office today, Monday, stated that the redemption date has been set on March 1, 2021, and the principal amount due until the date of the recovery notice is about $ 456.1 million.

According to the statement, the bonds will be redeemed in accordance with the terms and conditions of the applicable contract with a redemption rate equal to 102.875% of the principal amount of the bonds, plus accrued and unpaid interest.

Wells Fargo Bank, N.A. is the guarantor and payment agent for the bonds, and the terms of redemption are described in more detail in the Redemption Notice.

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