By Christine Van Dusen
Atlanta, May 12 – Dubai’s DP World priced a $500 million issue of 3¼% five-year notes (Baa3//BBB-) at 99.835 to yield mid-swaps plus 155 basis points on Tuesday, 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 were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used for general corporate purposes.
Dubai-based DP World is an operator and developer of international marine terminals and provides related services.
| Issuer: | DP World
|
| Amount: | $500 million
|
| Maturity: | May 18, 2020
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, Citigroup, Deutsche Bank, Emirates NBD Capital, HSBC, National Bank of Abu Dhabi, Societe Generale CIB
|
| Coupon: | 3¼%
|
| Price: | 99.835
|
| Spread: | Mid-swaps plus 155 bps
|
| Trade date: | May 12
|
| Settlement date: | May 18
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Mid-swaps plus 180 bps area
|
© 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.
