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Dubai global port operator DP World has raised US$1 billion in a sale of 10-year convertible bonds, which will come due in 2024, reports American Shipper.

"The proceeds provide us with financial flexibility to take advantage of investment opportunities over the medium term," said DP World chairman Sultan Ahmed Bin Sulayem.

The bonds will bear an interest rate of 1.75 per cent and are convertible into stock at $27.1396, a 37.5 per cent premium over the company's share price when issued.