PROJECTS: Kuwait's KIB participates in Daewoo E&C's $200mln dual tranche syndicated facility

KIB participated as mandated lead arranger in the Islamic tranche

  
Image used for illustrative purpose. An employee works on electric pylons at a power station.

Image used for illustrative purpose. An employee works on electric pylons at a power station.

REUTERS/Parivartan Sharma

Kuwait International Bank (KIB) said on Tuesday that it participated, as a Mandated Lead Arranger, in the Islamic tranche of the $200 million syndicated facility for South Korean construction giant Daewoo Engineering & Construction (E&C), along with a consortium of international, regional and local banks.

KIB said in a statement that the three-year amortising facility would be utilised for general corporate purposes and support Daewoo’s current projects in Kuwait and the GCC region.
 
Mohamed Khadiri, General Manager of the International Banking and Large Corporate Department at KIB, said the transaction was initially launched at $115 million and was upsized to $200 million due to "significant oversubscription."
 
"While Daewoo has regularly tapped the syndicated loan markets in the past, this transaction represents another important milestone in the expansion of its growing investor base by taping Islamic liquidity available in the region through a longer dated issuance," he said.
 
In January 2021, Business Korea had reported that Daewoo E&C’s overseas order receipts in 2020 totalled 5,862.4 billion won ($5.2 billion), exceeding the annual goal of 5,069.6 billion won ($4.5 billion).
 
(Writing by SA Kader; Editing by Anoop Menon)
 
 
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© ZAWYA 2021