DUBAI, April 24 (Reuters) – Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate, banking sources told Reuters on Thursday.
The firm, part of state-owned conglomerate Dubai World , is aiming to raise the loan to $3 billion, four banking sources said, speaking on condition of anonymity as the information isn’t public.
The original revolving credit facility was signed in April 2012 and has already been renegotiated once, adding a year to the lifespan in June 2013.
“We undertake a regular annual review of our banking facilities as part of active financial management,” a spokesperson for DP World said when contacted by Reuters. (Reporting by David French; Editing by Mark Potter)