LONDON, May 24 (Reuters) - Dubai-based ports operator DP World
The issue, structured to be compliant with rules allowing investors in the United States to participate, is earmarked to price in the area of between 262.5 basis points and 275 bps over midswaps, according to the document.
Benchmark size is traditionally understood to mean in excess of $500 million.
The transaction will be used to fund the repurchase of up to $750 million of DP World's sukuk which is due to mature in 2017, for which a tender offer closed on Monday.
The sukuk is being arranged by Citi, Deutsche Bank, Dubai Islamic Bank, HSBC, Barclays, Emirates NBD, First Gulf Bank, JP Morgan, National Bank of Abu Dhabi and Societe Generale, according to the document.
(Reporting by Sudip Roy; Writing by David French; Editing by Andrew Torchia) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))
The issue, structured to be compliant with rules allowing investors in the United States to participate, is earmarked to price in the area of between 262.5 basis points and 275 bps over midswaps, according to the document.
Benchmark size is traditionally understood to mean in excess of $500 million.
The transaction will be used to fund the repurchase of up to $750 million of DP World's sukuk which is due to mature in 2017, for which a tender offer closed on Monday.
The sukuk is being arranged by Citi, Deutsche Bank, Dubai Islamic Bank, HSBC, Barclays, Emirates NBD, First Gulf Bank, JP Morgan, National Bank of Abu Dhabi and Societe Generale, according to the document.
(Reporting by Sudip Roy; Writing by David French; Editing by Andrew Torchia) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))
