DP World bonds to raise $3bn

by Reuters Thursday, 21 June 2007

Dubai port operator DP World has narrowed price guidance on its 10-year Islamic bond to 115 basis points over U.S. Treasuries maturing in May 2017, the bookrunners said on Thursday.

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Initial price guidance set on June 19 was 115-120 basis points, they said in a statement carried by the International Insider service.
The government-owned company, the world's third-largest container port operator, is also marketing a 30-year dollar bond at around 160 basis points over U.S. Treasuries maturing in Feb. 2036, it said.

The bonds will raise a total of around $3 billion and price this week, the statement said.

Barclays Capital, Citigroup, Deutsche Bank, Dubai Islamic Bank and Lehman Brothers are bookrunners for the issues.

DP World will use the cash to refinance debt, a banker who attended a presentation on the bonds in the United Arab Emirates, said earlier this month. Dubai is part of the UAE federation.

The company, which bought British rival P&O last year, had debt of $5.72 billion at December 31, according to a prospectus given to investors in Dubai.

DP World plans to develop container-port operations in 12 countries, including France and Peru, and expand facilities in nine more by the end of 2011, according to the prospectus.



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