DP World gets tenders for $413.46 million trust certificates due 2019

By Marisa Wong

Morgantown, W.Va., Sept. 18 – DP World Ltd. announced that holders had tendered a total of $413,461,000 of the $650 million trust certificates due 2019 issued by JAFZ Sukuk (2019) Ltd. under its cash tender offer for any and all of the certificates.

The offer began on Sept. 10 and expired at 11 a.m. ET on Sept. 17.

The company said it will accept all of the tendered certificates for purchase. Settlement is slated for Sept. 26.

The company is offering $1,032.50 per $1,000 principal amount along with accrued distribution amounts up to but excluding the settlement date.

The Regulation S tender offer is subject to a financing condition. The company separately announced an offering of new dollar-denominated certificates, proceeds of which will be used to reduce its outstanding liabilities.

Holders who participated in the tender offer will be given priority in the allocation of the new certificates, up to the amount of existing certificates tendered and accepted for purchase.

Citigroup Global Markets Ltd. (+44 20 7986 8969, attn.: liability management group, liabilitymanagement.europe@citi.com), First Abu Dhabi Bank PJSC (+971 2 611 1693, attn.: debt capital markets and liability management group, DCM&FIS@bankfab.com) and HSBC Bank plc (+44 20 7992 6237, attn.: liability management group, LM_EMEA@hsbc.com) are the dealer managers.

Abu Dhabi Commercial Bank PJSC (+971 2 697 3677, attn.: Ludovic Nobili, head – investment banking group, ludovic.n@adcb.com), Dubai Islamic Bank PJSC (+971 4 295 3000, attn.: debt capital markets, DIBDCM@dib.ae) and Emirates NBD PJSC (+971 4 303 2800, dcmsf@emiratesnbd.com) are co-dealer managers.

Citibank, NA, London Branch (+44 20 7508 3867, attn.: exchange team, citiexchanges@citi.com) is the tender agent.

Dubai-based DP World operates international marine terminals and provides related services.

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