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Dubai’s DP World will repay USD3b loan in April

26 Mar 2012

(MENAFN) Dubai’s ports operator DP World said it will repay a USD3 billion loan six months before it matures in October, Arabian Business reported.

The world’s third largest ports operator said that the loan would be paid off in April using existing funds generated from its USD4.2 billion cash pile stemming from its global terminals and the proceeds of the sale of five terminals in Australia.

DP World said that the cash repayments would allow it to cancel USD2 billion of the existing revolving credit facility, while the USD1 billion undrawn facility would be replaced by a new five-year credit agreement for the same amount.

The company said its total debt would now total approximately USD4.7 billion, while its existing cash balance would total USD1.2 billion.

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