By Christine Van Dusen
Atlanta, Feb. 16 – Kuwait Projects Co. SPC Ltd. (Kipco) priced $500 million 10-year notes at par to yield 4½% on Thursday, a syndicate source said.
Price talk was revised to 4¾% after initial talk of 4 7/8%.
Citigroup, HSBC, Kamco and JPMorgan were the bookrunners for the Regulation S 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.
| Issuer: | Kuwait Projects Co. SPC Ltd. (Kipco)
|
| Amount: | $500 million
|
| Maturity: | Feb. 23, 2027
|
| Description: | Notes
|
| Bookrunners: | Citigroup, HSBC, Kamco, JPMorgan
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | Treasuries plus 204.3 bps
|
| Trade date: | Feb. 16
|
| Settlement date: | Feb. 23
|
| Distribution: | Regulation S
|
| Price talk: | 4¾%, revised from 4 7/8%
|
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