Dubai’s Port & Free Zone Said to Be Raising $850 Million to Refinance Debt - Bloomberg

Port & Free Zone World FZE, the holding company for Dubai-based ports operator DP World Ltd. (DPW), is raising $850 million from a syndicated loan to refinance debt, three bankers familiar with the plan said.

The five-year loan has conventional and Islamic portions and pays a margin of 350 basis points, or 3.5 percentage points, over benchmark rates, one of the bankers said. The payment rises to about 375 basis points after including fees, he said. The loans are backed by shares of DP World, the world’s fourth- biggest port operator, the bankers said.

HSBC Holdings Plc (HSBA), Standard Chartered Plc (STAN), Deutsche Bank AG (DBK) and Citigroup Inc. (C) are managing the conventional loan, two of the three bankers said. Dubai Islamic Bank PJSC, the United Arab Emirates’ biggest bank complying with Shariah-compliant banking rules, is managing the Islamic portion, they said.

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