DP World Raises $1 Billion From Convertible Bonds for Growth - Bloomberg

DP World Raises $1 Billion From Convertible Bonds for Growth - Bloomberg:



"DP World Ltd. (DPW), the third-biggest ports operator globally, raised $1 billion from a convertible bonds sale to fund acquisitions and growth. The shares fell.



The securities, due 2024, will pay annual interest of 1.75 percent and be converted at a price of $27.1396 a share, a 37.5 percent premium to its average share price today, the Dubai-based company said in a statement distributed via the Regulatory News Service. DP World’s shares dropped 1.3 percent to close at $19.75 on Nasdaq Dubai, paring gains this year to 12 percent.



DP World is “picking the best time” for the issue and its cash position will “look great” with these terms, Ahmed Shehada, head of advisory at National Bank of Abu Dhabi Securities LLC, said in an e-mail today. “If the market does correct, as has been speculated, then it will not be squeezed.”"



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