DUBAI Feb 8 Kuwait Projects Co has
mandated banks to arrange a new U.S. dollar-denominated bond
issue of up to $500 million, the company said on Wednesday.
The new bond, which will have a 10-year maturity, will be
part of KIPCO’s existing $3 billion euro medium term note
Citi, HSBC, Kamco and JP Morgan have been appointed to
arrange the debt offer, which will be issued by KIPCO’s
subsidiary Kuwait Projects Co SPC Ltd, registered at the Dubai
International Financial Centre.
Separately, HSBC invited holders of KIPCO’s outstanding $500
million notes with a 4.8 percent coupon and due in 2019 to
tender their notes for repurchase.
Holders of the notes will be able to sell them for cash to
HSBC at a price of 105.250 percent.
(Reporting by Hadeel Al Sayegh, writing by Davide Barbuscia,
Editing by Andrew Torchia)