Kuwait City: KIPCO – Kuwait Projects Company (Holding) – has successfully completed cash tender offers made to purchase in cash, any and all, of the US$500 million 4.229% notes due on 29 October 2026 (2026 Notes) and US$500 million 4.5% notes due on 23 February 2027 (2027 Notes), representing an aggregate principal amount of US$1.0 billion. The company had not set any caps on the bond buyback amounts and expressed its willingness to accept for repurchase in cash, any and all, of the notes validly offered.

Investors showed good interest in the bond buyback offers. At the expiration deadline of the tender offers, an aggregate nominal amount of US$ 304.1 million of bonds were validly tendered for purchase. The company accepted all the offers, and this enabled KIPCO to reduce its debt position by US$153.3 million in 2026 Notes and US$150.8 million in 2027 Notes, aggregating to US$304.1 million (30.4%) of total outstanding notes.   

HSBC Bank, Kamco Invest and Standard Chartered Bank acted  as the dealer managers for the offers. Sodali & Co acted as the tender and information agent.

On this occasion, Mr Sunny Bhatia, KIPCO’s Group Chief Financial Officer, said:

“The tender offers for the buyback on any and all basis, 1 to 1.5 years ahead of their maturities, reiterates the company’s commitment to proactively manage its debt maturities and optimize its debt portfolio by selective deleveraging at the KIPCO parent level and taking out near term maturities.”

About Kuwait Projects Company (Holding) – KIPCO

Kuwait Projects Company (Holding) – KIPCO – was incorporated in 1975. We are an investment holding company operating across the GCC and wider MENA region.  Our vision is to be an agile investment holding company in our core markets, delivering sustainable returns in sectors that matter to our society in the present and future. Realigning and rebalancing our portfolio of investments, strengthening the operating and financial performance of our key portfolio companies and strengthening the capital structure of the Group are key areas of focus for KIPCO’s strategy.

KIPCO is a multi-sector active investor with a focus on financial services, covering commercial banking, asset management and investment banking, as well as foodstuff, petrochemicals & oil services, real estate, healthcare, education and logistics.

The conversion rate used is US$1 to KD 0.30535

Further information:  
Eman Al Awadhi
Group Senior Vice President
Corporate Communications & Investor Relations
Eman.Alawadhi@kipco.com

Meshari Al Duhaim          
Senior Manager
Corporate Communications & Investor Relations
Meshari.Alduhaim@kipco.com