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"The new loan facility reflects KIPCO's standing within the financial community, and this five year-loan facility with NBK is part of the long-term relationship between the two institutions. The relationship is founded upon mutual appreciation and respect; we have always been impressed by NBK's level of professionalism and commitment."
"This deal is consistent with our strategy of actively managing our funding base through extending maturities and diversifying our currency and investor mix. It is another example of the prudent liability management that has allowed us to weather the worst financial crisis in recent memory," Al Ayyar added.
NBK Deputy Chief Executive Officer, Shaikha Khalid Al Bahar said, "We have the highest regards for KIPCO, and are very happy to close this sizeable transaction with KIPCO at this time. We are equally impressed by KIPCO's strategic thinking and commitment to the Kuwaiti market and the Kuwaiti economy. This financing is in line with NBK's strategy in Kuwait, which aims at supporting the local economy and providing adequate funding for domestic companies."
Al Bahar added that the ongoing cooperation between NBK and the most prestigious and prominent corporations in Kuwait, with respect to long-term strategic funding, is yet another testament to the sizable confidence that NBK enjoys as a trustworthy partner to these corporations. The overwhelming inclination amongst these corporations is to benefit from the best value-added financial services available, by maintaining a close relationship with a leading bank in the field of Corporate Banking, National Bank of Kuwait.
The loan, which matures in July 2014, preceeds the $500m seven year international bond issue which KIPCO concluded earlier this month, the first international bond issue by a private sector corporate in the MENA region this year. KIPCO holds almost $1bn in cash with the bulk of its liabilities maturing in the next five and seven years.
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Posted by Rana Mesbah
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