DP World to Repay Loan with Existing Cash

DP World cash balance improved by global terminal proceeds, to repay $3 billion

DP World Limited announces it will use existing cash resources to repay all $3 billion outstanding under its revolving credit facility1 due to mature in October 2012. The repayments will take place between 4 and 10 April 2012.

As at 31 December 2011, DP World had $4.2 billion of cash balances including cash flow generated from its portfolio of global terminals and the proceeds of the monetisation of the five terminals in Australia. Following this $3 billion repayment, DP World will have reduced total debt to approximately $4.7 billion and have cash balances of approximately $1.2 billion.

In line with the cash repayments in early April, DP World will cancel $2 billion of the existing revolving credit facility retaining a $1 billion undrawn facility. This undrawn facility will be replaced by a new 5-year revolving credit facility of $1 billion.

DP World is in the final stage of agreeing documentation with the banks that have committed to this new facility and expect it to replace the existing facility shortly. The new facility will be used to provide DP World with flexibility to manage cash flow and investment in its portfolio. 

DP World Chairman, Sultan Ahmed Bin Sulayem commented; “We are delighted to be in a position to repay all outstanding $3 billion of our revolving credit facility six months ahead of maturity. The repayment, using our existing cash balances will reduce our total debt to approximately $4.7 billion.