Global port and terminal operator DP World has recently paid around US$2.92 to its creditors, and is now looking to raise $1bn in long-term bond issues, which will span ten 10 years, Out-law reported Reuters as reporting.
DP World had previously announced that it had amended and extended terms on $14.6bn of company debt, which would see company payments being extended from 2018 to 2022.
A Dubai-based banker was reported as saying: “DP World has always managed its cash very well, and with rates where they are and with the way they are expanding, it shouldn't be surprising they are choosing to come to the market now.”
Despite the many financial pressures, DP World had a successful year in 2014, after receiving the title for best Middle-Eastern seaport for its Port of Jebel Ali.
Among its other projects are a terminal expansion at Jawaharlal Port and the recent acquisition of Prince Rupert Container Terminal in Canada.