DEBT HISTORY

  • 1990
    Commercial bank term borrowing from Kuwaiti banks secured by collateral. Established money market lines from Kuwaiti and regional banks
  • 1994
    First bond issue of KD12 million (US$41 million) in Kuwait
  • 2000
    Term borrowing from regional banks New borrowings only on unsecured basis
  • 2001
    First issuer of KIBOR based floating rate bonds
  • 2004
    US$100 million debut international syndicated loan completed No outstanding borrowings on secured basis
  • 2005
    US$175 million international syndicated loan completed
  • 2006
    Assigned investment grade rating by Standard & Poor's Set up US$2 billion EMTN programme drawdown of US$635 million in two tranches under the EMTN programme
  • 2007
    Assigned a two notch upgrade from Standard and Poor's to BBB+/ A2. Net debt at the year US$21 mllion
  • 2008
    ECP Programme established Assigned Baa1/Stable/P-2 rating by Moody’s – Highest for any private, corporate in the MENA region Raised US$350 million through a three-year club deal with a consortium of major international banks
  • 2009
    Raised KD80 million debt from a Kuwait based bank Rating reaffirmed by S&P and Moody’s at BBB+/A2 and Baa1/P-2 respectively; Outlook revised to negative Completed US$500 million bond issue under EMTN programme maturing in Oct 2016
  • 2010
    Rating downgraded to BBB-/Stable/A3 by S&P in Mar 2010 Rating downgraded to Baa2/Negative/P-3 by Moody’s in Jun 2010 Completed US$500 million bond issue under EMTN programme maturing in Jul 2020
  • 2011
    Repaid its debut US$ 350 million five-year bond issued under its US$2 billion EMTN programme. Prepaid its three-year club deal loan of US$350 million in April 2011, Rating downgraded to Baa3/Negative/P-3 by Moody's in Jun 2011
  • 2012
    Completed KD80 million local currency bond issue maturing in January 2016 Prepaid KD32 million of outstanding KD72 million of term loan
  • 2013
    Extended maturity of KD40 million bilateral loan from 2015 to 2018
  • 2014
    Completed US$500 million bond issue under EMTN programme maturing in Feb 2019 Moody’s changed outlook on KIPCO’s Baa3/P-3 rating to stable in Sep 2014
  • 2016
    Repaid KD 80 million local currency bond. Completed US$ 500 million bond issue under EMTN programme maturing in March 2023 Repaid US$ 500 million bond issued under EMTN programme maturing in October 2016
  • 2017
    Completed US$500 million bond issue under EMTN programme maturing in February 2027 Completed first ever seven year corporate dinar bond issue of KD100 million maturing in December 2024
  • 2018
    Completed a five-year KD100 million corporate dinar bond issue maturing in November 2023
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  • 2019
    Repaid US$500 million bond issued under EMTN programme maturing in February 2019 Completed US$500 million bond issue under EMTN programme maturing in October 2026
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