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Ports operator DP World updates bond prospectus
Published in Daily News Egypt on 07 - 11 - 2010

DUBAI: Dubai-based global ports operator DP World, a unit of conglomerate Dubai World filed an updated prospectus for a $5 billion bond program, raising the possibility of an issue in the near future.
In October, chief executive Mohammed Sharaf said the company has $3 billion available to fund expansion plans but does not rule out going to the market to raise additional financing in the future.
Arrangers for DP World's $5 billion 2007 global medium term note program (GMTN) are Citigroup, HSBC, Standard Chartered and Deutsche Bank, the prospectus, dated Nov. 4, says.
DP World, considered one of the more profitable units of struggling Dubai World, had $8.04 billion in outstanding debt at the end of June 2010, according to the prospectus.
State-owned Dubai World reached an agreement with its bank creditors to restructure about $25 billion in debt in September after months of tough negotiations over the terms.
The move paved the way for Dubai government to raise $1.25 billion from the international debt market in a dual-tranche offering which was four times oversubscribed. A flurry of new bond mandates from the Gulf Arab region have been announced in recent weeks and many of the recent issues that have come to the market have been substantially oversubscribed, pointing to significant pent up demand. DP World shares ended 0.8 percent lower on Sunday.


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