By Rebecca Melvin
New Yok, Nov. 8 – Kuwait Projects Co. (Holding) priced KD 100 million five-year notes at par on Thursday, according to a filing with the London Stock Exchange.
The Kipco bonds were issued in fixed- and floating-rate tranches, with the fixed-rate bond pricing at a 5˝% yield, and the floating-rate bond pricing with a 225 basis points spread over the declared Central Bank of Kuwait discount rate. The floating-rate notes are capped at 1% over the fixed-rate coupon.
Kamco Investment Co. and Gulf Bank were the joint lead managers of the issue, which was 1.45 times oversubscribed.
The issuer is a Kuwait City-based public investment holding company for a diverse group of businesses.
| Issuer: | Kuwait Projects Co. (Holding)
|
| Amount: | KD 100 million
|
| Tenor: | Five years
|
| Description: | Fixed-, floating-rate notes
|
| Joint lead managers: | Kamco Investment Co. and NBK Capital
|
| Pricing date: | Nov. 8
|
|
|
| Fixed-rate notes
|
| Coupon: | 5˝%
|
| Price: | Par
|
| Yield: | 5˝%
|
|
|
| Floating-rate notes
|
| Coupon: | Central Bank of Kuwait discount rate plus 225 bps; cap of 1% over fixed-rate coupon
|
| Price: | Par
|
| Yield: | Central Bank of Kuwait discount rate plus 225 bps
|
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