DP World negotiating tripling $1bn loan
The world’s third-largest port operator, DP World is in talks with lenders to triple the size of an existing $1bn loan, as well as extend the lifespan and cut the interest rate, seeking to take advantage of investors’ renewed confidence in Dubai, Reuters has reported. The firm, part of state-owned conglomerate Dubai World, is aiming to raise the loan to $3bn, four banking sources said. The original five-year revolving credit facility was signed in April 2012 and has already been renegotiated once, adding a year to the lifespan in June 2013. “We undertake a regular annual review of our banking facilities as part of active financial management,” a spokesperson for DP World told the news service.