BAHRAIN, 8 May 2004 — Kuwait-based National Industries Group Holding SAK (NIG) on Thursday issued a $60 million, five-year floating rate note facility arranged and co-lead managed by Gulf International Bank BSC (GIB) and Citigroup.
Citibank Bahrain, a member of Citigroup, acted as the fiscal and payment agent for the issue. GIB’s CEO Dr. Khaled M. Al-Fayez, Citigroup’s Middle East Managing Director Mohammed Al-Shroogi and NIG Chairman and Managing Director Saud Al-Osaimi attended the signing ceremony.
The floating rate notes pay a margin of 90 basis points over LIBOR and the proceeds will be used by NIG for general corporate purposes.
The issue was fully subscribed with GIB and Citigroup being joined by Kuwaiti and regional banks as well as by a reinsurance company based in Kuwait.
NIG is a Kuwaiti shareholding company established in 1960. Its shares are listed on the Kuwaiti Stock Exchange.