Dubai port operator says it could buy back around half of sukuk offering which is due to mature next year
DP World could buy back around half of its $1.5 billion sukuk offering which is due to mature in 2017 as the global ports operator seeks to reduce the cost of its debt, it said in a statement on Monday.
Holders of the Islamic bond have until 4pm London time on May 23 to decide whether to accept DP World's offer to buy the sukuk at $10,555 when the face value is $10,000.
The firm will purchase sukuk worth up to $750 million, of which around there was around $1.42 billion of the issue currently outstanding.
DP World has hired Deutsche Bank, HSBC, Citigroup and Dubai Islamic Bank to act as dealer managers for the tender offer, the statement added.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.