DP World prices $1bn convertible bonds

June 15, 2014 11:35 am

Dubai’s DP World, the third-biggest ports operator globally, has raised $1bn from a convertible bonds sale to fund acquisitions and growth, Bloomberg has reported. The securities, due 2024, will pay annual interest of 1.75% and be converted at a price of $27.1396 a share, the firm said. Money raised from the bond “will be used to take advantage of organic and inorganic growth opportunities, diversify funding sources and general corporate purposes,” DP World said.