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DP World raises $1.2bn from sukuk bond issue

DP World raises $1.2bn from sukuk bond issue
Dubai-headquartered terminal operator DP World has raised $1.2bn from a sukuk bond issue.

DP World said the issue had been two times over-subscribed with more than $2bn. The seven-year sukuk bond is to be listed on the Nasdaq Dubai exchange. T The new sukuk issue followed DP World’s successful refinancing of over $1.1bn of the existing $1.5bn 2017 sukuk. The $378m of the first issue matures next year.

DP World said the new issue would fund the tender offer along with general corporate purposes. 

“As a leading enabler of global trade, we have taken advantage of attractive market conditions to successfully execute the first tender offer in the region and issue a new sukuk to drive our ongoing growth strategy,” said Sultan Ahmed bin Sulayem, group chairman and ceo, DP World.

“The strong demand for our new sukuk is a clear sign of support for the economic fundamentals of Dubai and the UAE, and a positive outlook on DP World’s growth trajectory and credit ratings.”