Kuwait Projects plans to sell new dollar-denominated fixed-rate notes

By Wendy Van Sickle

Columbus, Ohio, Feb. 8 – Kuwait Projects Co. SPC Ltd. (Kipco) plans to issue a series of new U.S. dollar-denominated fixed-rate notes under its $3 billion euro medium-term note program, according to an announcement.

The issuer plans to price the notes on Feb. 16.

Proceeds will be used to fund a tender offer for the issuer’s $500 million 4.8% notes due 2019 in order to extend the company’s debt maturity profile.

HSBC Bank plc is tendering for the notes at a purchase price of 105.25% of par until noon ET on Feb. 15.

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

The new notes issue is a condition to completion of the tender offer.

Noteholders who subscribe for new notes in addition to tendering in the offer may receive priority in the allocation of the new notes, the company added.

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

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