DUBAI, 10 December 2004 — Kuwait Projects Company announced yesterday it has successfully closed its first syndicated term loan facility oversubscribed at $100 million, almost double its original figure. The loan facility was signed in Dubai in the United Arab Emirates by KIPCO vice Chairman Abdullah Yacoub Bishara and representatives of the syndications lead managers - Arab Bank PLC, HSBC Bank PLC and the Arab Investment Company SAA, a statement said.
“Demand from regional and international markets was keen and exceeded our original figure of $60 million,” Bishara said. “We have almost doubled the syndicated amount to $100 million due to this demand.”
Lenders involved in the loan, fixed at the London Interbank Offered Rate (LIBOR) plus 1.25 percent, are from Europe, Asia and the Far East, as well as the Middle East.
KIPCO, a major Kuwaiti holding company with more than $10 billion under management or control, has a portfolio of 70 firms with activities in finance, media, telecommunications, real estate and industry throughout the Middle East and North Africa.
