KIPCO says the loan deal has significantly increased the average life of its borrowings.
The funds raised will be used to refinance some of KIPCO's borrowings which mature in November 2008.
Commenting on the news, KIPCO's Vice Chairman, Mr Faisal Al Ayyar, said the loan deal highlighted the company's prudent attitude towards funding:
'This loan reflects KIPCO's strong relationships with the global banking community. It also demonstrates our proactive liability management since we have refinanced debt maturing in the fourth quarter well ahead of time.'
KIPCO announces $350m club deal
KIPCO - the Kuwait Projects Company - has announced the completion of a $350m three year 'club deal' loan facility with a panel of major international banks consisting of BNP Paribas, Citi, Credit Suisse, HSBC, JP Morgan, Morgan Stanley and RZB.
- Kuwait: Tuesday, July 22 - 2008 at 15:36
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The KIPCO Group is one of the biggest diversified holding companies in the Middle East and North Africa, with assets worth more than $20bn under management or control. The Group has substantial ownership interests in a portfolio of 54 companies operating across 18 countries. The company's main business sectors are financial services and media. Through the subsidiaries and affiliates of its companies, KIPCO also has interests in Healthcare, Industry, the Management & Advisory sector and Real Estate.Further information:
Robert Hipkins
Group Communications Director
+965 635 6969
KIPCO
Posted by Eman HassanTuesday, July 22 - 2008 at 15:36 UAE local time (GMT+4)
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