New Issue: Kipco prices $500 million 9 3/8% 10-year notes to yield Treasuries plus 647 bps

By Christine Van Dusen

Atlanta, July 8 - Kuwait Projects Co. (Kipco) priced $500 million 9 3/8% 10-year notes (Baa2/BBB-/) at 99.204 to yield Treasuries plus 647 basis points, a market source said.

BNP Paribas, Citi and HSBC were the bookrunners for the Regulation S deal, which was whispered to yield 9½%.

Kipco is an investment firm based in Kuwait City, Kuwait.

Issuer:	Kuwait Projects Co.
Amount:	$500 million
Maturity:	July 17, 2020
Description:	Notes
Bookrunners:	BNP Paribas, Citi, HSBC
Coupon:	9 3/8%
Price:	99.204
Spread:	Treasuries plus 647 bps
Trade date:	July 8
Settlement date:	July 17
Ratings:	Moody's: Baa2
	Standard & Poor's: BBB-
Distribution:	Regulation S
Price talk:	Whispered at 9½%

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