DP World, the world's third-largest port operator, said on Wednesday that it has extended the maturity date on a $1bn revolving credit facility for an additional year as it secured attractive market terms.
The loan maturity has been extended to the second quarter of 2018 from the second quarter of 2017, the company said in a statement. The original loan had carried an interest rate of 225 basis points over the London interbank offered rate (Libor), according to Thomson Reuters data.
"The facility provides DP World with flexibility to manage cash flow and investment in its portfolio. This flexibility is now available for a further year," the statement said.
The port operator, one of the more profitable assets of debt ridden Dubai World, repaid $3 billion of debt in March last year using cash held on the group's balance sheet.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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