Mar,27 --Global ports operator DP World is tapping its cash resources to repay a $3 billion revolving credit facility six months before it matures in October.
    The repayment, between April 4 and 10, will shrink total debt by almost 40 percent to approximately $4.7 billion, leaving a cash balance of about $1.2 billion, the Dubai-based company said.
DP World is in final negotiations with lenders over terms of a new $1 billion five-year revolving credit facility. “We have no immediate need to draw down the new facility,” the world’s third-largest container terminal operator said in a statement.
   “DP World has a very strong balance sheet not least because of the strong cash generative nature of our global operations,” DP World Chairman Sultan Ahmed Bin Sulayem said. “We have created a balance sheet that allows DP World to meet the long-term strategic requirements for investment into profitable growth opportunities, whilst maintaining a very disciplined approach to capital allocation.”

(Source:JOC)