Kuwait Projects tenders for $500 million 4.8% notes due 2019 via HSBC

By Susanna Moon

Chicago, Feb. 7 – Kuwait Projects Co. SPC Ltd. (Kipco) holders may tender their $500 million 4.8% notes due 2019 in the offer by HSBC Bank plc.

The bank is tendering for the notes at a purchase price of 105.25% of par until noon ET on Feb. 15.

Holders also will receive accrued interest on the settlement date of Feb. 21.

The notes are guaranteed by Kuwait Projects Co. (Holding) KSCP.

Kipco plans to issue a series of new dollar-denominated fixed-rate notes under its $3 billion euro medium-term note program.

The new notes issue is a condition to completion of the tender offer, which may be waived, according to a bank announcement.

The purpose of the transactions is to extend the company's debt maturity profile “in an efficient manner,” the release noted.

Noteholders who subscribe for new notes in addition to tendering in the offer may receive priority in the allocation of the new notes, the company added.

HSBC Bank plc (+44 20 7992 6237 or LM_EMEA@hsbc.com) is dealer manager. Lucid Issuer Services Ltd. (+44 20 7704 0880 or kipco@lucid-is.com) is tender agent.

The issuer is a Kuwait City-based public investment holding company for a diverse group of businesses.

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