Media ININ Economy We Trust
Media IN Dubai 11th-07-2019
DP World, a global port operator based in Dubai, is looking to raise around $700 million via conventional and Islamic bond issues on Thursday, citing documents issued by banks involved in the deal. The port operator is also planning to issue 10-year benchmark sukuk, according to the documents.
The issue is expected to be priced later this day. Barclays, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Citi, Dubai Islamic Bank (DIB), and Standard Chartered have been previously appointed to arrange the issue.
Meanwhile, DP World is reopening an existing conventional bond, which is due in 2048. The initial yield guidance for the bond reopening was set at a range between 5% and 5.1%.
The company will be using proceeds of the sukuk for general corporate purposes. The bond issues come after the company announced last week its plan to buy Topaz Energy and Marine, a provider of marine logistics, for around $1bn.
