Monday, Jan 16, 2012
BEIRUT (Zawya Dow Jones)--Kuwait Projects Co. (Holding), or Kipco, the Gulf state's largest diversified investment holding firm, has closed an 80 million Kuwaiti dinars ($286.1 million) bond issue, state-run Kuwait News Agency, or Kuna, reports Monday.
The four-year bond issue is in two tranches, Faisal Al Ayyar, the company's vice chairman, said, according to the news agency.
One tranche carries an annual fixed interest rate of 4.75%, while the other has an annual variable interest rate of 2% above the Central Bank of Kuwait's discount rate provided the maximum variable interest rate doesn't exceed the fixed interest rate by more than 1%, he added.
Kipco has succeeded in extending the maturity of its debts through this issue, in addition to that it has cash reserves that were worth KWD117 million at the end of 2011, Kuna cites Ayyar as saying.
News agency website: http://www.kuna.net.kw/ArticleDetails.aspx?id=2215060&Language=ar
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
16-01-12 1344GMT
