Drydocks World seeks loans for Singapore buyouts
Drydocks World LLC, the Dubai-owned shipbuilding and marine-repair company, hired eight banks to help it borrow US$2.2 billion to refinance outstanding loans it used to pay for two acquisitions in Singapore.
The company will start meetings with potential lenders in Dubai, London, Hong Kong and Singapore this week to get a US$1.7 billion three-year loan and a US$500 million five-year loan, it said in an e-mailed statement.
BNP Paribas SA, DBS Group Holdings Ltd, Emirates NBD PJSC, HSBC Holdings plc, ING Groep NV, Lloyds TSB Group plc, Mashreqbank PSC and Standard Chartered plc are helping Drydocks World get the loans, the statement added. Banks may lend in US dollars, Singapore dollars or United Arab Emirates dirhams.
Drydocks World last year said it paid US$2.2 billion to buy Pan-United Marine Ltd and Labroy Marine Ltd to gain ships and Asian shipbuilding sites as it expands outside the Middle East. It is a unit of Dubai World, the state investment group that also controls DP World Ltd, the fourth-biggest container ports management company.
Drydocks World in November borrowed US$1.73 billion from banks led by BNP, DBS, Emirates NBD and Lloyds TSB in a loan that matures on Aug 27, data compiled by Bloomberg show.
The company will start meetings with potential lenders in Dubai, London, Hong Kong and Singapore this week to get a US$1.7 billion three-year loan and a US$500 million five-year loan, it said in an e-mailed statement.
BNP Paribas SA, DBS Group Holdings Ltd, Emirates NBD PJSC, HSBC Holdings plc, ING Groep NV, Lloyds TSB Group plc, Mashreqbank PSC and Standard Chartered plc are helping Drydocks World get the loans, the statement added. Banks may lend in US dollars, Singapore dollars or United Arab Emirates dirhams.
Drydocks World last year said it paid US$2.2 billion to buy Pan-United Marine Ltd and Labroy Marine Ltd to gain ships and Asian shipbuilding sites as it expands outside the Middle East. It is a unit of Dubai World, the state investment group that also controls DP World Ltd, the fourth-biggest container ports management company.
Drydocks World in November borrowed US$1.73 billion from banks led by BNP, DBS, Emirates NBD and Lloyds TSB in a loan that matures on Aug 27, data compiled by Bloomberg show.