Bloomberg/Chris Ratcliffe

Sukuk

UAE’s DP World mulls 10-year US-dollar denominated Sukuk issuance

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The state-owned ports operator mandated Citigroup, Dubai Islamic Bank and Standard Chartered to arrange investors meetings to be held in Hong Kong, Singapore and London.

Tuesday 09, July 2019

DP World has hired banks to arrange a series of investor meetings ahead of a potential issue of 10-year US dollar-denominated Sukuk to raise about $1 billion to finance the acquisition of Topaz Energy & Marine.

The Dubai-based firm is also considering raising additional funds through long-dated US dollar-denominated conventional bonds as part of an existing $10 billion bond programme. Barclays, Deutsche Bank as well as Emirates NBD Capital, First Abu Dhabi Bank and HSBC Holdings have also been appointed as joint lead managers and bookrunners.

Last week DP World said that it would acquire Topaz from Oman’s Renaissance Services and Standard Chartered’s private equity unit for $1.1 billion, marking its first venture into the oil and gas sector in a deal which is expected to close this year.

The firm, rated Baa1 by Moody’s and BBB+ by Fitch Ratings, has been on an acquisition spree over the past 18 months, reported Bloomberg.

TAGS : DP World, Topaz Energy & Marine, Sukuk, Oman’s Renaissance Services

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