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Friday, 10 February 2012

DP World Said to Seek Loan to Repay Half of $3 Billion Facility - Businessweek

DP World Ltd., the world’s fourth- biggest port operator, started talks with banks for a loan to help pay half of a $3 billion credit facility maturing in October, a banker familiar with the discussions said.

The Dubai World-controlled company is talking to HSBC Holdings Plc, Standard Chartered Plc and Citigroup Inc. for a $1.5 billion loan, the banker said, asking not to be identified because the information is private. DP World, rated the lowest investment grade at Moody’s Investors Service and Fitch Ratings, will pay the remaining $1.5 billion with its own cash, he said. It secured the five-year revolving credit facility in October 2007 at a margin of 45 basis points over the London interbank offered rate, according to data compiled by Bloomberg.