By Reshmi Basu
New York, June 21 - Dubai port operator DP World (A1/A+) sold an upsized $3.25 billion two-part offering of Sukuk bonds and conventional bonds, according to a market source.
The issuer priced $1.5 billion of 10-year Sukuk bonds at 99.765 to yield 115 basis points more than Treasuries. That priced in line with revised guidance in the 115 bps area, which was tightened from 115 to 120 bps over Treasuries.
The second tranche was comprised of $1.75 billion of 30-year conventional bonds, which priced at 99.911 to yield 160 bps more than Treasuries. That came in line with talk in the 160 bps area.
The deal has been upsized twice from an initial offering of $2 billion.
Bookrunners for the Rule 144A and Regulation S deal were Barclays Capital, Citigroup, Deutsche Bank, Dubai Islamic Bank and Lehman Brothers.
The Dubai, United Arab Emirates-based port operator is entirely, but indirectly, owned by the government.
| Issuer: | DP World
|
| Issue: | Two-part offering of Sukuk and conventional notes
|
| Total amount: | $3.25 billion
|
| Lead managers: | Barclays Capital, Citigroup, Deutsche Bank, Dubai Islamic Bank, Lehman Brothers
|
| Pricing date: | June 21
|
| Settlement date: | July 2
|
| Distribution: | Rule 144A/Regulation S
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
|
|
| Sukuk bonds
|
| Issuer: | DP World Sukuk Ltd.
|
| Amount: | $1.5 billion
|
| Issue: | Sukuk Ltd.
|
| Maturity: | July 2, 2017
|
| Coupon: | 6¼%
|
| Issuer price: | 99.765
|
| Spread: | Treasuries plus 115 bps
|
|
|
| Conventional bonds
|
| Issuer: | DP World Ltd.
|
| Amount: | $1.75 billion
|
| Issue: | Conventional bonds
|
| Maturity: | July 2, 2037
|
| Coupon: | 6.85%
|
| Issue price: | 99.911
|
| Spread: | Treasuries plus 160 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
