Chicago, Dec. 4 – National Bank of Kuwait priced $750 million 4˝% perpetual tier 1 capital securities (Baa3), according to a company news release.
The securities were issued through NBK Tier 1 Financing (2) Ltd.
The Rule 144A and Regulation S notes have a six-year non-call period.
The Sharia-compliant issue was three-times oversubscribed.
Proceeds will be used for additional tier 1 capital.
NBK Capital, Citigroup, J.P. Morgan Securities plc and Standard Chartered Bank worked as global coordinators and joint lead managers. HSBC and UBS served as joint lead managers.
| Issuer: | NBK Tier 1 Financing (2) Ltd.
|
| Issue: | Perpetual tier 1 capital securities
|
| Amount: | $750 million
|
| Maturity: | Perpetual
|
| Global coordinators: | NBK Capital, Citigroup, J.P. Morgan Securities plc and Standard Chartered Bank
|
| Joint lead managers: | NBK Capital, Citigroup, J.P. Morgan Securities plc, Standard Chartered Bank, HSBC and UBS
|
| Coupon: | 4˝%
|
| Call: | First call after six years
|
| Pricing date: | Nov. 28
|
| Rating: | Moody’s: Baa3
|
| Distribution: | Rule 144A and Regulation S
|
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