National Bank of Kuwait and Kuwait Finance House have co-arranged a five-year syndicated revolving loan and Murabaha facility at 350 million Kuwaiti dinars ($1.2 billion) for Kuwait Petroleum Corporation (KPC).
The facilities will be used for financing KPC's day-to-day general corporate purposes, a press statement said, and falls in line with the state-owned firm’s 2040 strategy to “become a global integrated, full-fledged oil and gas hub.”
The facility includes a conventional tranche at 210 million Kuwaiti dinars ($692 million) and a Murabaha tranche at 140 million Kuwaiti dinars ($461 million).
Both NBK and KFH are acting as the initial mandated lead arrangers and book runners for the facilities on behalf of KPC. Burgan Bank, Gulf Bank, Al Ahli Bank of Kuwait, and Commercial Bank of Kuwait joined them in arranging the conventional facility, while Boubyan Bank, Warba Bank, and Kuwait International Bank joined the syndication of the Murabaha facility.
(Reporting by Nada Rifai, editing by Mily Chakrabarty)
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