DP World to repay US$3 billion loan with existing cash

Dubai, March 27, 2012 (WAM) - DP World Limited yesterday announced it will use existing cash resources to repay all US$3 billion outstanding under its revolving credit facility (1) due to mature in October 2012. The repayments will take place between 4 and 10 of next month. As of 31st December 2011, DP World had US$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 US$3 billion repayment, DP World will have reduced total debt to approximately US$4.7 billion and have cash balances of approximately US$1.2 billion. In line with the cash repayments in early April, DP World will cancel US$2 billion of the existing revolving credit facility (1) retaining a US$1 billion undrawn facility. This undrawn facility will be replaced by a new 5-year revolving credit facility of US$1 billion. We are 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 our portfolio. We have no immediate need to draw down the new facility. DP World Chairman, Sultan Ahmed Bin Sulayem commented "We are delighted to be in a position to repay all outstanding US$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 US$4.7 billion. - Emirates News Agency, WAM