DP World Raises $1.2 Billion From Sukuk to Fund Bond Buyback
- Initial price guidance set at 262.5-275bps area above midswaps
- Buyback receives $1.113 billion in offers vs $750m target
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DP World Ltd., the Dubai-owned company that operates ports from China to South America, raised $1.2 billion from the sale of Islamic bonds and said a tender offer to buy back securities received 48 percent more bids than the target.
The company sold a seven-year sukuk that will be priced to yield 237.5 basis points, or 2.375 percentage points, over the benchmark midswap rate, according to two people familiar with the deal, who asked not to be identified because the information is not public yet. The issue received more than $2.5 billion in bids, they said.