The port operator DP World last week raised $1 billion through the sale of 10-year convertible bonds, which will come due in 2024.
The bonds will bear an interest rate of 1.75 percent and are convertible into stock at $27.1396, a 37.5-percent premium over the company’s share price when issued.
“The proceeds from the convertible bond provide us with additional financial flexibility at an extremely low interest rate to take advantage of further organic or inorganic investment opportunities in order to enhance returns to shareholders over the medium term,” said DP World Chairman, Sultan Ahmed Bin Sulayem.
DP World raised $1 billion for growth
