Published on 7/8/2010 in the Prospect News Emerging Markets Daily.
New Issue: Kipco prices $500 million 9 3/8% 10-year notes to yield Treasuries plus 647 bps
By Christine Van Dusen
Atlanta, July 8 - Kuwait Projects Co. (Kipco) priced $500 million 9 3/8% 10-year notes (Baa2/BBB-/) at 99.204 to yield Treasuries plus 647 basis points, a market source said.
BNP Paribas, Citi and HSBC were the bookrunners for the Regulation S deal, which was whispered to yield 9½%.
Kipco is an investment firm based in Kuwait City, Kuwait.
Issuer: | Kuwait Projects Co.
|
Amount: | $500 million
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Maturity: | July 17, 2020
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Description: | Notes
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Bookrunners: | BNP Paribas, Citi, HSBC
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Coupon: | 9 3/8%
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Price: | 99.204
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Spread: | Treasuries plus 647 bps
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Trade date: | July 8
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Settlement date: | July 17
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Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB-
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Distribution: | Regulation S
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Price talk: | Whispered at 9½%
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