UAE's DP World increases size of two-part bond offering to $3 billion

By Reshmi Basu

New York, June 20 - DP World Ltd. (A1/A+) increased the size of its two-part senior unsecured bond offering to $3 billion from $2 billion, according to a market source.

The deal includes a tranche of dollar-denominated 10-year Sukuk bonds and a tranche of 30-year conventional notes.

Guidance for the 10-year Sukuk bonds has been set at the Treasuries plus 115 basis points area while the 30-year medium-term notes have been talked at the Treasuries plus 160 bps area.

Bookrunners for the 10-year Sukuk bonds are Barclays, Citigroup, Deutsche Bank and Dubai Islamic Bank.

Bookrunners for the 30-year notes are Barclays, Citigroup, Deutsche Bank and Lehman Brothers.

The Dubai, United Arab Emirates-based port operator is entirely, but indirectly, owned by the government.

Pricing is expected to take place this week.

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