DP World plans to repurchase $650m sukuk

DP World plans to repurchase $650m sukuk
DP World plans to repurchase $650 million sukuk
DP World DPW -3.17% 19.55 -0.64

Dubai – Mubasher: DP World on Tuesday announced plans to repurchase $650 million of its outstanding sukuk due in 2019.

The company will pay $1,032 for every $1,000 worth of sukuk owned, in principal amount, it said.

"The offer will expire at 4:00 pm London time on 17 September 2018 unless extended, withdrawn or terminated early at the sole discretion of the Company," DP World said in a statement to NASDAQ Dubai.

The sukuk were issued through DP World's subsidiary JAFZ Sukuk Ltd, the container terminal operator added.

Separately, Reuters reported on Monday that DP World had appointed Barclay's, Citi, Dubai Islamic Bank (DIB), Emirates NBD, First Abu Dhabi Bank (FAB), HSBC, JP Morgan, Societe Generale, and Standard Chartered to arrange the sukuk.

DP World is set to meet with investors in London on Wednesday, 12 September.

"The Group is (subject to the New Financing Condition), among other objectives, currently seeking to optimise its liability portfolio and reduce the cost of its outstanding liabilities. To support these objectives, the Group wishes to use the proceeds of the New Certificates to reduce the amount of its outstanding liabilities," DP World concluded.

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Source: Mubasher

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