DP World Scores USD 3 Bln Loan Deal

DP World Scores USD 3 Bln Loan Deal

Global port operator DP World has renegotiated its loan securing more favourable terms regarding both the amount and lifespan.

Namely, the Dubai-based company has signed a five-year loan facility worth a $3 billion, which replaces the existing $1 billion deal due for maturity in 2018, Reuters cited anonymous sources as saying.

As explained by the sources, the new deal is split between a $2.39 billion conventional loan and a $610 million sharia-compliant tranche.

The deal, initiated in April, comes amid the emirate’s economic recovery that saw banks becoming more inclined to negotiate better terms for borrowing.

DP World proposed to repay the $4.1bn maturity due in September 2015 if creditors allowed a four-year extension of the 2018 maturity.
World Maritime News Staff, July 15th, 2014, Image: DP World