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Prospect News home > News index > List of issuers Tenders > Headlines for 2019 > News item
Published on 9/30/2019 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Dubai’s DP World gets tenders for $26.15 million 3¼% notes due 2020

By Angela McDaniels

Tacoma, Wash., Sept. 30 – DP World plc, formerly DP World Ltd., received tenders for $26.15 million principal amount of its $500 million of 3¼% notes due 2020, according to a filing with the London Stock Exchange.

The tender offer for the notes began Sept. 19 and expired at 5 p.m. ET on Sept. 27.

The purchase price is par plus accrued interest up to but excluding the settlement date, which was expected to be Oct. 1.

No notes were tendered using the guaranteed delivery procedures.

The notes purchased by the company in the offer will be canceled, leaving $473.85 million principal amount of notes outstanding.

Holders had to tender a minimum of $200,000 principal amount in order to participate.

DP World said the offer was meant to manage upcoming debt maturities. The company planned to use drawdowns under its existing credit facilities, existing cash resources and/or the proceeds of any new securities issuance to fund the tender offer.

When the offer began, the company said it was considering its options regarding a potential new securities issuance, subject to market conditions, under its $10 billion global medium-term note program or its $5 billion trust certificate issuance program with DP World Crescent Ltd.

Citigroup Global Markets Ltd. (+44 20 7986 8969), Deutsche Bank AG, London Branch (+44 20 7545 8011), HSBC Bank plc (+44 20 7992 6237) and Standard Chartered Bank (656 596-8807) were the dealer managers.

Citibank NA, London Branch (+44 20 7508 3867) was the tender agent.

Dubai-based DP World operates international marine terminals and provides related services.


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