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 15th, 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.”
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