January 3, 2023 finance & economy

KIPCO completes the issuance of bonds worth 165 million dinars


Kuwait Projects Holding Company (KIPCO) announced, in two separate statements to the Kuwait Stock Exchange, that it has completed the private placement process to issue unsecured debt bonds with priority repayment in the amount of 165 million dinars ($ 539.69 million), and it has also completed the purchase and cancellation of other bonds due in 2023 and 2024 with a total amount 105 million dinars.

In its first statement, the company said that the bonds for which it completed private subscription came in two tranches, fixed and variable, with a maturity of six years from the date of issue, indicating that the return will be used to finance the general purposes of the company, reports a local Arabic daily.

The statement added that the first tranche includes bonds worth 55.15 million dinars, with a fixed interest rate of 6.75 percent, to be paid semi-annually and due on December 29, 2028. The second tranche is debt bonds worth 109.85 million dinars, with a variable interest of three percent above the discount rate announced by the government. Central Bank of Kuwait, provided that the total interest rate does not exceed 7.75 percent per annum, and is paid semi-annually and due on December 29, 2028.

The company said in a second statement that it will still be owed bonds worth 28.5 of the 2023 bonds and another amount of 66.45 million dinars due in 2024, indicating that all the 2023 and 2024 bonds were purchased at their nominal value.

timeskuwait



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