Citi, Deutsche start talks to sell $9 billion Dubai port company debt: sources - Reuters:
Citi (C.N) and Deutsche Bank (DBKGn.DE) have started talks with other banks to sell roughly $9 billion in debt Dubai raised to take full control of DP World (DPW.DI) and refinance borrowings of Dubai World, sources familiar with the matter said on Wednesday.
Dubai announced this week one of its state companies, Port and Free Zone World (PFZW), part of state investment vehicle Dubai World, aims to buy publicly listed shares of port operator DP World in a deal with a $13.9 billion valuation which will end up adding billions of dollars of debt to DP World’s books.
Citi and Deutsche Bank have underwritten roughly $9 billion of debt for the transaction and have started discussions with other lenders to decrease their exposure by distributing the debt, the sources said.
The banks declined to comment. DP World did not immediately respond to a request for comment.
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