Clifford Chance advises DP World on the largest public equity-linked offering from Dubai and the second largest from the Middle East since the financial crisis in 2007.
DP World’s issuance of a US$1 billion convertible bond marks numerous “firsts”:
· first convertible bond issuance by DP World Limited;
· the first corporate non-FI public convertible bond issuance from the UAE in four years; and
· the first time in seven years that DP World Limited has accessed the international debt capital markets.
Clifford Chance advised DP World Limited as the issuer in connection with its debut issuance of a convertible bond in principle amount of US$1 billion, exchangeable into shares in DP World Limited, with a coupon of 1.75%, a conversion premium of 37.5% and a tenor of ten years (the Bonds).
The market’s high demand for DP World Limited credit was reflected in a heavily oversubscribed order book, a favourable coupon at 1.75% for a tenor of ten years, and the highest premium ever for a Middle East issuer at 37.5%.
The Clifford Chance team was led by Head of Capital Markets – Middle East, Debashis Dey who was supported by senior associate Rhona Byrne, associates Brian O’Leary and Eileen Kerr.