Dubai’s DP World eyes dollar bond, may raise up to $1bn

24/04/2015 (Emirates 24/7 – UAE): DP World, one of the world’s biggest port operators, wants to issue a dollar-denominated bond and could announce plans to market the deal to investors as soon as next week, three sources aware of the matter said on Thursday.
The firm could raise between $750 million and $1 billion from the bond issue, depending on investor appetite and the interest rate the company would have to pay to borrow the money, two of the sources said, speaking on condition of anonymity as the information isn’t public.The firm is likely to issue long-term bonds, with a lifespan of ten years possible, the two Gulf-based sources added.A spokeswoman for DP World didn’t immediately respond to an emailed request for comment.The bond plans come at a time when the firm is expanding its operations through acquisitions and many Gulf-based borrowers are turning to the bond market to secure longer-term funding while interest rates remain historically low…




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