Chicago, July 5 – Kuwait Projects Co. (Holding) (Kipco) completed a first sukuk issuance for KD 103.1 million in two parts, according to a release.
The issuer is Kuwait Projects Co. Sukuk Ltd., with Kipco as obligor.
The deal was divided into a KD 37.05 million floating-rate part and a KD 66.05 million fixed-rate tranche, each with six-year tenors.
The floaters will have a profit rate at the Central Bank of Kuwait discount rate plus 300 basis points, or 7% initially.
The fixed-rate certificates will have a 6˝% profit rate.
KFH Capital, Kamco Invest and Warba Bank were the joint lead managers and placement agents.
Proceeds will be used for general corporate purposes.
The certificates will be listed on London.
The issuer is a Kuwait City-based public investment holding company for a diverse group of businesses that focuses on investments in the Middle East and North Africa.
| Issuer: | Kuwait Projects Co. Sukuk Ltd.
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| Obligor: | Kuwait Projects Co. (Holding)
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| Amount: | KD 103.1 million
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| Issue: | Sukuk
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| Tenor: | Six years
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| Bookrunners: | KFH Capital, Kamco Invest and Warba Bank
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| Announcement date: | July 5
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| Floaters
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| Amount: | KD 37.05 million
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| Coupon: | Central Bank of Kuwait discount rate plus 300 bps
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| Fixed-rate
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| Amount: | KD 66.05 million
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| Coupon: | 6˝%
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