Kuwait’s Kipco sets initial talk at 4 7/8% for dollar 10-year notes

By Christine Van Dusen

Atlanta, Feb. 15 – Kuwait Projects Co. SPC Ltd. (Kipco) set initial talk at 4 7/8% for an offering of 10-year dollar-denominated fixed-rate notes, a market source said.

Citigroup, HSBC, Kamco and JPMorgan are the bookrunners for the deal.

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.

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

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