By Reshmi Basu
New York, April 12 - Kuwait Projects Co. (Cayman) sold $225 million of five-year notes with a coupon of Libor plus 90 basis points at 99.795 on Friday, according to a market source.
The inaugural issue comes off the company's $2 billion euro medium-term note program.
This is the first time a private sector company from the Middle East has completed such an issue, according to a company press release.
Investors from the Middle East bought 49% of the issue, followed by European investors with 27%, Asian investors with 18% and offshore U.S. accounts with 6%. Banks and treasuries bought 73% of the issue while fund managers purchased 27%.
Lead managers were Dresdner Kleinwort Wasserstein, BNP Paribas and HSBC.
The issuer is an investment holding company in the Middle East.
Issuer: Kuwait Projects Co. (Cayman)
| Guarantor: | Kuwait Projects Co.
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| Amount: | $225 million
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| Issue: | Floating-rate notes
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| Maturity: | April 12, 2011
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| Coupon: | Three-month Libor plus 90 basis points
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| Issue price: | 99.795
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| Pricing date: | April 7
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| Settlement date: | April 12
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| Lead managers: | Dresdner Kleinwort Wasserstein, BNP Paribas, HSBC
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| Ratings: | Standard & Poor's: BBB-
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