DP World to repay $3bn October loan with cash

DP World, the world's third-largest port operator, will repay a $3 billion outstanding facility maturing in October with cash, the company said in a statement on Monday.

The repayments will take place between April 4 to 10, reducing the company's total debt to approximately $4.7bn, it said in a regulatory filing on Nasdaq Dubai.

DP World had $4.2bn of cash balances at the end of last year and after the loan repayment its cash balance will be $1.2bn.

The company also said it would cancel $2bn of the existing revolving credit facility retaining a $1bn undrawn facility.