DP World has recently announced that it expects to sell its bond issue for a guidance price of around US$500 million, according to Reuters.
PTI previously reported that the global terminal operator had paid around $2.92 billion to its creditors and had laid out a plan to secure $1 billion in bond issues, spanning ten years.
DP World has seen its volumes jump by 4.4%, having around 15 million TEU at its global portfolio of container terminals during Q1, 2015.
Performance looks to be starting off strong for DP World in 2015, following its recent announcement to spend up to around $1.9 billion in 2015 in a bid to expand on its current business portfolio and increase profitability.
A DP World spokesman said: “DP World issued a $500 million bond. Please note that is not the price. The rationale was for prudent business reasons taking advantage of current attractive market rates and is not geared to any specific projects at this time. As a global business it makes sense to review funding requirements at regular intervals and to seek opportunities when they arise as in this case.”
This was evidenced by its recent decision to spend more than $450 million on the Print Rupert Container Terminal in Canada.
It is also assisting with the expansion of Jawaharlal Nehru Port by adding 800,000 TEU to a container terminal that it currently operates on site, as well as building a new open access container terminal at the Port of Antwerp in Belgium.
DP World’s total volume figure was up by 8.9% in 2014 to around 60 million TEU, holding its place as the world’s fourth largest terminal operator.