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Thursday, 12 June 2014

DP World raises $1bn from convertible bonds

Operations at Jebel Ali Operations at Jebel Ali DP World

DP World raised $1 billion with a convertible bond issue of 10 years duration today. The Dubai-based port operator says the proceeds will be used to take advantage of growth opportunities and diversify funding sources.

DP World announced this Thursday the final terms of its offering of $1 billion senior unsecured convertible bonds due 2024: the bonds will bear interest at an annual rate of 1.75% and the conversion price has been set at $27.1396, a 37.5% premium over the share price.

“The proceeds from the convertible bond provide us with additional financial flexibility at an extremely low interest rate to take advantage of further organic or inorganic investment opportunities in order to enhance returns to shareholders over the medium term,” said DP World chairman Ahmed Bin Sulayem.

“We are taking advantage of the current low-cost financing opportunities in the convertible market to secure long-term financing so we can continue to grow our business to meet the changing needs of our customers,” added DP World Group chief executive Mohammed Sharaf. “The issuance also allows us to diversify our funding sources and access a broader investor base.” 


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