Kuwait Projects Co SPC Limited KIPCO signs US$ 525mn medium-term credit facility (1402P)
07 Febrero 2023 - 1:08AM
UK Regulatory
TIDM61DH
RNS Number : 1402P
Kuwait Projects Co SPC Limited
07 February 2023
Immediate Release
KIPCO announces successful signing of US$ 525 million
medium-term credit facility
Kuwait City, 7 February 2023: KIPCO - the Kuwait Projects
Company (Holding) announced that it has signed a US$ 525 million
(KD 160.4 million equivalent) credit facility with a group of nine
regional and international banks. The facility has an initial
February 2025 maturity and a one-year extension option at KIPCO's
sole discretion.
Standard Chartered Bank acted as the coordinator, with First Abu
Dhabi Bank as the agent. The credit facility has been committed by
nine leading international and regional banks and financial
institutions, namely Abu Dhabi Commercial Bank, Arab Banking
Corporation, Emirates NBD, First Abu Dhabi Bank, Gulf International
Bank, HSBC Middle East Limited, JP Morgan Securities, Mashreq Bank
and Standard Chartered Bank.
Commenting on the transaction, Mr Sunny Bhatia, KIPCO's Group
Chief Financial Officer, said:
"This facility is part of our prudent and pro-active liquidity
and liabilities management strategy. The proceeds of this facility
would mainly be used to settle the US$500 million Euro Medium Term
Notes (EMTN) due on March 15(th) , 2023 and for general corporate
purposes. The oversubscription of the facility demonstrates the
strong support and the confidence of major relationship banks in
our financing strategies."
- Ends -
Notes to Editors:
Kuwait Projects Company (Holding) - KIPCO - is a holding company
that focuses on investments in the Middle East and North Africa.
Its strategy of acquiring, building, scaling and selling companies
in the MENA region has worked successfully for over 30 years.
KIPCO's main business sectors are financial services, media,
real estate , industry and education. KIPCO's financial service
interests include holdings in commercial banks, insurance
companies, asset management and investment banking
The conversion rate used is US$1 to KD 0.30985
Further information:
Eman Al Awadhi Group Senior Vice President
Corporate Communications & Investor Relations
T: +965 2294 3416
M:+965 6033 6399
Eman.Alawadhi@kipco.com
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