DP World to repay $3 billion loan with existing cash.
The repayments will take place between 4 and 10 April 2012.
As at 31 December 2011, DP World had $4.2 billion of cash balances including cash flow generated from its portfolio of global terminals and the proceeds of the monetisation of the five terminals in Australia. Following this $3 billion repayment, DP World will have reduced total debt to approximately $4.7 billion and have cash balances of approximately $1.2 billion.
In line with the cash repayments in early April, DP World will cancel $2 billion of the existing revolving credit facility retaining a $1 billion undrawn facility.
"This undrawn facility will be replaced by a new five-year revolving credit facility of $1 billion. We are in the final stage of agreeing documentation with the banks that have committed to this new facility and expect it to replace the existing facility shortly," the company said in a statement.
The new facility will be used to provide DP World with flexibility to manage cash flow and investment in our portfolio. We have no immediate need to draw down the new facility.
DP World Chairman, Sultan Ahmed Bin Sulayem, said, "We are delighted to be in a position to repay all outstand
2012 CPI Financial. All rights reserved.
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