KIPCO – the Kuwait Projects Company – has announced that it has repaid its KD 80 million (US$ 264 million) bond. The bond, which was issued in January 2012, was the largest local bond issued by a Kuwaiti corporate.
As part of its strategy, KIPCO regularly raises money in the local and international debt markets, and will continue to do so with the aim of diversifying its investor base and providing the company with financial flexibility. KIPCO is also on schedule to repay its $500 million bond in October 2016, issued under its international bond program. The company will have no debt repayments to make in 2017.
Commenting on the transaction, KIPCO’s Group Chief Financial Officer, Mr Pinak Maitra, said:
“Our prudent funding policies have served us well and KIPCO’s liquidity remains strong. We ended 2015 with one billion dollars in cash, which will allow us to comfortably cover our commitments in 2016. The excellent reputation that KIPCO’s enjoys in the global investment community, together with its prudent financial practices, ensures that the company can always make true on its promises and distinguishes KIPCO as a role model in the region.”