Kuwait Projects holders tender $267.2 million of 4.8% notes via HSBC

By Wendy Van Sickle

Columbus, Ohio, Feb. 16 – Kuwait Projects Co. SPC Ltd. (Kipco) holders tendered $267,198,000 of 4.8% notes due 2019 in an offer by HSBC Bank plc, according to an announcement.

The bank tendered for the $500 million of notes at a purchase price of 105.25% of par until noon ET on Feb. 15.

All of the tendered notes will be accepted for purchase.

Holders also will receive accrued interest on the settlement date of Feb. 21.

The notes are guaranteed by Kuwait Projects Co. (Holding) KSCP.

Kipco priced a series of new dollar-denominated fixed-rate notes under its $3 billion euro medium-term note program.

Settlement of the new notes issue is a condition to completion of the tender offer, according to the notice.

The purpose of the transactions is to extend the company's debt maturity profile “in an efficient manner,” the release noted.

HSBC Bank plc (+44 20 7992 6237 or LM_EMEA@hsbc.com) is dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880 or kipco@lucid-is.com) is tender agent.

The issuer is a Kuwait City-based public investment holding company for a diverse group of businesses.

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