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DP World to raise $700m in sukuk

DP World to raise $700m in sukuk
The port operator is also planning to issue 10-year benchmark sukuk
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UAE – Mubasher: DP World, a global port operator based in Dubai, is looking to raise around $700 million via conventional and Islamic bond issues on Thursday, Reuters reported, citing documents issued by banks involved in the deal.

The port operator is also planning to issue 10-year benchmark sukuk, according to the documents.

The issue is expected to be priced later this day.

Barclays, Deutsche Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Citi, Dubai Islamic Bank (DIB), and Standard Chartered have been previously appointed to arrange the issue.

Moreover, DP World is reopening an existing conventional bond, which is due in 2048.

The initial yield guidance for the bond reopening was set at a range between 5% and 5.1%.

The company will be using proceeds of the sukuk for general corporate purposes, Reuters revealed.

Last week, DP World unveiled plans to purchase Topaz Energy & Marine Plc from Oman’s Renaissance Services SAOG and Standard Chartered Plc’s private equity unit for $1.1 billion.