DP World in talks for USD3b loan facility

(MENAFN) Dubai's port operator DP World announced that it is holding talks with lenders to expand a USD1 billion loan, Arabian Business reported. The firm plans to raise the loan to USD3 billion, four banking sources said, speaking on condition of anonymity as the information isn't public. The company also plans to extend the lifespan and cut the interest rate, taking advantage of investors' renewed confidence in the emirate. The original five-year revolving credit facility was signed two year ago and has already been renegotiated once, adding a year to the lifespan in June last year.