DP World to repay US$3bn loan out of existing cash reserves

As at December 31, 2011 DPW had US$4.2bn cash balances including cash flow generated from its global terminals and the proceeds of the monetisation of the five terminals in Australia. Following the latest repayment, DPW will have reduced total debt to approximately US$4.7bn and have cash balances of approximately US$1.2bn.

In line with the April cash repayment, DPW will cancel US$2bn of the existing revolving credit facility retaining a US$1b undrawn facility which will be replaced by a new five year revolving credit facility of US$1 bn. The company is 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.