Arab Today, arab today dp world to repay its 3b debt early
Last Updated : GMT 02:17:53
Arab Today, arab today
Arab Today, arab today

DP World to repay its $3b debt early

Arab Today, arab today

Arab Today, arab today DP World to repay its $3b debt early

Dubai - Arabstoday

Global container port operator DP World said on Monday it would pay off $3 billion of debt months before it becomes due. The Dubai-based group, which announced another record year for container handling, with an increase of 10 per cent in 2011, said it would use existing cash resources to repay all $3 billion outstanding under its revolving credit facility from April 4 to April 10, six months earlier than the debt’s October maturity date. “As a result, the total debt would now be approximately $4.7 billion, while existing cash balance would total $1.2 billion,” the company said in a statement. “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,” the company said. The world’s third biggest port operator said the cash repayments would allow it to cancel $2 billion of the existing revolving credit facility, while the $1 billion undrawn facility would be replaced by a new five-year credit agreement for the same amount. “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. “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,” it said. DP World, a division of Dubai World conglomerate, manages more than 60 marine cargo terminals across the globe. The company currently has 11 new developments and major expansions under way in 10 countries. “We are delighted to be in a position to repay all outstanding $3 billion of our revolving credit facility six months ahead of maturity,” said DP World chairman Sultan Ahmed bin Sulayem. “DP World has a very strong balance sheet not least because of the strong cash generative nature of our global operations. We have created a balance sheet that allows DP World to meet the long-term strategic requirements for investment into profitable growth opportunities, whilst maintaining a much disciplined approach to capital allocation,” said Sulayem. Group chief executive officer Mohammed Sharaf, said while the company has no immediate plans to access the new facility, it allows to draw down and pre-pay cash as needed, providing timely and flexible access to cash as DP World continue to invest in its global portfolio to deliver profitable growth. In 2011, DP World, which is listed on Nasdaq and London Stock Exchange, handled 54.7 million TEU (twenty-foot equivalent container units) across its global portfolio, an increase of 10 per cent against 2010. The volume growth was equally strong at nine per cent when compared with last year. In the UAE, the port operator recorded a 12 per cent increase in volume with a record throughput of 13 million TEU. “Because of this growth and because shipping lines are purchasing ever larger vessels, we are adding one million TEU to Terminal 2 and developing a new terminal with capacity of four million TEU. Together they take Jebel Ali’s total capacity to 19 million TEU by 2014,” a DP World official said. For 2012, DP World has predicted a better year. “We expect to perform better than we did in 2011,” finance director Yuvraj Narayan said. 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dp world to repay its 3b debt early Arab Today, arab today dp world to repay its 3b debt early

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today dp world to repay its 3b debt early Arab Today, arab today dp world to repay its 3b debt early

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Airbus CEO says won't cling to job

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 'Final phase' of battle for Raqa

GMT 03:47 2017 Monday ,16 October

'Final phase' of battle for Raqa
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Norway seeks 'Tesla tax' on electric cars

GMT 08:17 2017 Friday ,13 October

Norway seeks 'Tesla tax' on electric cars
Arab Today, arab today Safaa Sultan happy for “Love School”

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”
Arab Today, arab today Conservation cutbacks put Brazil's

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:19 2017 Wednesday ,11 October

Bosy reveals behind her participation in festival

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:20 2017 Thursday ,12 October

Chad extends key conservation area

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:16 2017 Friday ,13 October

Lufthansa to swallow lion's share

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday