National Industries issues bonds, due in 2025

Bonds will be paid on a quarterly basis.

  

Mubasher: The National Industries Group Holding has successfully issued non-guaranteed bonds worth KWD 30 million (approx. $98.7 million) on Tuesday, 11 February.

The bonds will be matured in five years in 2025, according to a bourse statement on Wednesday.

The company added that the issuance reflects investors’ confidence in the Kuwaiti firm’s high level of insurance competency.

Moreover, the company has appointed the Kuwait Financial Centre (Markaz), Ahli Capital Investment Company, and Gulf Bank as lead managers and bookrunners.

The first tranche of bonds will have a fixed rate of return of 5.5% on an annual basis, while the second tranche will have a floating interest rate of 2.75% above the discount rate announced by the Central Bank of Kuwait (CBK). Both tranches will be paid on a quarterly basis.

It is worth noting that Capital Intelligence (CI) affirmed a ‘-BBB’ rating for this bonds issue.

National Industries is dually listed on Boursa Kuwait and the Dubai Financial Market (DFM).

Source: Mubasher

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