Kuwait Projects Company (KIPCO) announced Monday it has successfully completed its KD 165 million (USD 538 million) six-year senior unsecured bond issue.

The bonds, maturing in December 2028, were available in fixed and floating rate tranches, with the floating tranche attracting 67 percent of the allocation. The fixed rate bond pays investors a coupon of 6.75 percent annually, while the floating rate pays investors a coupon rate of three percent annually over the declared Central Bank of Kuwait discount rate, the company said in a press release.

The joint lead managers of the transaction were Kamco Invest and Gulf Bank, it added.

Kuwait Projects Company (KIPCO) is a holding company that focuses on investments in the Middle East and North Africa.

KIPCO?’s main business sectors are financial services, media, real estate and industry. KIPCO?’s financial service interests include holdings in commercial banks, insurance companies, asset management and investment banking.

Source: Kuwait News Agency