Dubai’s DP World launches $500 million five-year notes at mid-swaps plus 155 bps; pricing Tuesday

By Christine Van Dusen

Atlanta, May 12 – Dubai’s DP World launched a $500 million issue of five-year notes (Baa3//BBB-) at mid-swaps plus 155 basis points, a market source said.

The notes were initially talked at a spread in the 180 bps area.

Barclays, Citigroup, Deutsche Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi and Societe Generale CIB are the bookrunners for the Rule 144A and Regulation S deal.

The proceeds will be used for general corporate purposes.

The notes are expected to price on Tuesday.

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

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