Kuwait Projects Co SPC Limited KIPCO completes KD 165 million six-year bond issue (4003L)
January 03 2023 - 1:00AM
UK Regulatory
TIDM61DH
RNS Number : 4003L
Kuwait Projects Co SPC Limited
03 January 2023
Immediate Release
KIPCO completes KD 165 million six-year bond issue
Kuwait City, 2 January 2023: KIPCO - Kuwait Projects Company
(Holding) - has announced that it has successfully completed its KD
165 million (US$ 538 million) six-year senior unsecured bond issue.
This is the largest KD-denominated bond issue to date, reflecting
the confidence of investors in KIPCO's underlying credit
strength.
The bonds, maturing in December 2028, were available in fixed
and floating rate tranches, with the floating tranche attracting
67% of the allocation. The fixed rate bond pays investors a coupon
of 6.75% annually, while the floating rate pays investors a coupon
rate of 3% annually over the declared Central Bank of Kuwait
discount rate.
The joint lead managers of the transaction were Kamco Invest and
Gulf Bank.
Commenting on the transaction, Mr Sunny Bhatia, KIPCO's Group
Chief Financial Officer, said:
"This issuance represents a landmark transaction, as it is the
largest ever KD-denominated issuance to date. We are pleased to be
active contributors to the Kuwaiti debt capital market and its
development. The transaction reflects the continued success of our
proactive liability management that aims at raising long-term
financing, extending the tenor of our existing liabilities for a
stronger capital structure, and aligning the liabilities profile
with investment holding strategies."
He added:
"We would like to thank the Kuwait Capital Markets Authority,
our investors and our joint lead managers - Kamco Invest and Gulf
Bank - for their support."
- Ends -
Notes to Editors:
Kuwait Projects Company (Holding) - KIPCO - is a holding company
that focuses on investments in the Middle East and North Africa.
Its strategy of acquiring, building, scaling and selling companies
in the MENA region has worked successfully for over 30 years.
KIPCO's main business sectors are financial services, media,
real estate and industry. KIPCO's financial service interests
include holdings in commercial banks, insurance companies, asset
management and investment banking.
The conversion rate used is US$1 to KD 0.3067
Further information:
Eman Al Awadhi Group Senior Vice President
Corporate Communications & Investor Relations
T: +965 2294 3416
M:+965 6033 6399
Eman.Alawadhi@kipco.com
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