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DP World starts tender offer for $650M of certificates

Dubai-based international marine and inland terminals operator DP World Ltd. announced a tender offer for $650 million of trust certificates due 2019.

The offer for the certificates, which were issued by JAFZ Sukuk (2019) Ltd., will expire at 4 p.m. London time on Sept. 17. Settlement is expected to take place Sept. 26.

The tender offer is subject to the issuance of new U.S. dollar-denominated certificates planned by the company or other financing. DP World said it will use the proceeds of the new certificates to reduce its outstanding liabilities.