DP World to price $1 billion 10-year convertibles to yield 1.5%-2%, up 35%-40%; pricing Thursday

By Rebecca Melvin

New York, June 12 – DP World Ltd. plans to price $1 billion of 10-year convertible bonds later Thursday that were talked to yield 1.5% to 2% with an initial conversion premium of 35% to 40%, according to a news release.

Net proceeds of the Regulation S offering are earmarked for growth opportunities, to diversity funding sources and for general corporate purposes.

J.P. Morgan Securities plc, Citigroup Global Markets Ltd., HSBC Bank plc and UBS Ltd. are joint bookrunners.

The bonds will be non-callable for three years and then provisionally callable if shares exceed 130% of the conversion price. There are puts in years four and seven.

Dubai-based DP World is an operator and developer of international marine terminals and provides related services.

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