Published on 1/29/2014 in the Prospect News Emerging Markets Daily.
New Issue: Kuwait-based Kipco sells $500 million 4.8% notes due 2019 at par
By Christine Van Dusen
Atlanta, Jan. 29 - Kuwait Projects Co. (Kipco) priced $500 million five-year notes (Baa3) at par to yield 4.8%, or mid-swaps plus 314.4 basis points, a market source said.
The notes were talked at a yield in the low-5% area.
BNP Paribas, HSBC and JPMorgan were the bookrunners for the Regulation S deal.
| Issuer: | Kuwait Projects Co. (Kipco)
|
| Amount: | $500 million
|
| Maturity: | Feb. 5, 2019
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas, HSBC, Morgan Stanley
|
| Coupon: | 4.8%
|
| Price: | Par
|
| Yield: | 4.8%
|
| Spread: | Mid-swaps plus 314.4 bps
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 5
|
| Expected rating: | Moody's: Baa3
|
| Distribution: | Regulation S
|
| Price talk: | Low-5% area
|
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