Bloomberg News

Dubai World’s Ports & Free Zone Gets $850 Million Refinancing

September 29, 2011

Sept. 29 (Bloomberg) -- Ports & Free Zone World FZE, the holding company for Dubai-based ports operator DP World Ltd., closed the syndication of an $850 million amortizing loan.

The five-year secured financing replaces debt signed in September 2008 and includes a $430 million Islamic tranche, lenders to DP World said in a statement.

Citigroup Inc., Deutsche Bank AG, Emirates NBD PJSC and HSBC Holdings Plc are the initial underwriters of the transaction, according to the statement.

Dubai World, the state-owned investor that holds 80 percent of DP World’s shares, restructured $25 billion of debt this year after investing in property and buying assets across the world.

--Editors: Cecile Gutscher, Andrew Reierson

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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