By Paul A. Harris
St. Louis, Oct. 6 - Kuwait Projects Co. (Cayman) (Baa1/BBB+) priced a $500 million issue of 8 7/8% seven-year notes at 98.725 to yield 9¼% on Tuesday, according to a market source.
The yield printed at the wide end of the 9 1/8% to 9¼% price talk.
BNP Paribas, Goldman Sachs & Co. and JP Morgan ran the books for the Regulation S deal.
The issuer, known as Kipco, is an investment holding company based in Kuwait City, Kuwait.
Issuer: Kuwait Projects Co. (Cayman) "Kipco"
Guarantor: Kuwait Projects Co. (Holding) KSC
| Face amount: | $500 million
|
| Proceeds: | $493.625 million
|
| Maturity: | Seven years
|
| Bookrunners: | BNP Paribas, Goldman Sachs & Co., JP Morgan
|
| Coupon: | 8 7/8%
|
| Price: | 98.725
|
| Yield: | 9¼%
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Trade date: | Oct. 6
|
| Distribution: | Regulation S
|
| Price talk: | 9 1/8% to 9¼%
|
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