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Dubai port firm to repay $3 billion in debt early

DP World says it will pay off balance on its revolving credit facility with cash it has on hand

AP, Monday 26 Mar 2012
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Dubai port operator DP World says it will pay off $3 billion of debt months before it becomes due.

The world's third biggest port operator said Monday it will pay off the balance outstanding on its revolving credit facility using cash it has on hand.
 
It expects to pay back the debt, which was due in October, in early April. The company says it will still have $1.2 billion in cash reserves afterward.
 
DP World is a division of Dubai's troubled Dubai World conglomerate, but was excluded from its parent's highly publicised debt restructuring. It manages more than 60 sea cargo terminals on six continents, including the Middle East's busiest in Dubai.
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