News Column

DP World to issue $1bn worth of convertible bonds

June 14, 2014 Staff

DP World, the Dubai-based ports operator, has announced that it is to issue up to $1bn worth of convertible bonds.

The firm said that the bonds will bear annual interest of 1.75% and are convertible at $27.13, which is a 37.5% premium over its existing share price.

It said the proceeds of the ten-year bonds will be used 'to take advantage of organic and inorganic growth opportunities, diversify funding sources and general corporate purposes".

DP World's group chief executive, Mohammed Sharaf explained that the company is "taking advantage of the current low-cost financing opportunities in the conviertible market to secure long-term financing.

The bonds will be listed on the Frankfurt Stock Exchange.


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Source: Construction Week (United Arab Emirates)

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