By Christine Van Dusen
Atlanta, March 8 – Kuwait Projects Co. priced $500 million seven-year notes at par to yield 5%, or mid-swaps plus 324.6 basis points, on Tuesday, a syndicate source said.
The notes were initially talked at a yield in the 5¼% area.
BNP Paribas, Citigroup, HSBC and JPMorgan are the bookrunners for the Regulation S deal.
The books were said to be about $1.25 billion.
The issuer is a Kuwait City-based public investment holding company for a diverse group of businesses.
| Issuer: | Kuwait Projects Co.
|
| Amount: | $500 million
|
| Maturity: | March 15, 2023
|
| Description: | Notes
|
| Bookrunners: | BNP Paribas, Citigroup, HSBC, JPMorgan
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | Mid-swaps plus 324.6 bps
|
| Trade date: | March 8
|
| Settlement date: | March 15
|
| Distribution: | Regulation S
|
| Price talk: | 5¼% area
|
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