Global port operator DP World has renegotiated its loan securing more favourable terms regarding both the amount and lifespan.
Namely, the Dubai-based company has signed a five-year loan facility worth a $3 billion, which replaces the existing $1 billion deal due for maturity in 2018, Reuters cited anonymous sources as saying.
As explained by the sources, the new deal is split between a $2.39 billion conventional loan and a $610 million sharia-compliant tranche.
The deal, initiated in April, comes amid the emirate’s economic recovery that saw banks becoming more inclined to negotiate better terms for borrowing.