DP World to invest US$1 billion in convertible bonds


In a bid to fund acquisitions and growth, DP World has raised US$1 billion from a convertible bonds sale, reported Hellenic Shipping News.

Operating in more than 65 terminals across Asia and the Americas, DP World said that the funds raised “will be used to take advantage of organic and inorganic growth opportunities, diversify funding sources and for general corporate purposes.”

Due in 2024, the securities are expected to pay an annual interest of 1.75% and be converted to around US$27.14 a share – representing a 37.5% increase over the average share price today.

DP World is also in talks with banks to cut the price and triple the size of a five-year revolving credit facility to US$3 billion to take advantage of surplus liquidity at banks

The ports operator also said it intends to make an application in order to list the securities on the open market sector of the Frankfurt Stock Exchange.

DP World’s shares dropped 1.3% to close at US$19.75 on Nasdaq Dubai, paring gains this year to 12%.

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