KIPCO completes cash tender offers for 2026 & 2027 notes

15/09/2025 05:07 AST

KIPCO - Kuwait Projects Company (Holding) - has successfully completed cash tender offers made to purchase in cash, any and all, of the $500 million 4.229 percent notes due on October 29, 2026 (2026 notes) and $500 million 4.5 percent notes due on February 23, 2027 (2027 notes), representing an aggregate principal amount of $1.0 billion. The company had not set any caps on the bond buyback amounts and expressed its willingness to accept for repurchase in cash, any and all, of the notes validly offered.

Investors showed good interest in the bond buyback offers. At the expiration deadline of the tender offers, an aggregate nominal amount of $304.1 million of bonds were validly tendered for purchase. The company accepted all the offers, and this enabled KIPCO to reduce its debt position by $153.3 million in 2026 notes and $150.8 million in 2027 Notes, aggregating to $304.1 million (30.4 percent) of total outstanding notes.

HSBC Bank, Kamco Invest and Standard Chartered Bank acted as the dealer managers for the offers. Sodali & Co acted as the tender and information agent. On this occasion, Sunny Bhatia, KIPCO's Group Chief Financial Officer, said: "The tender offers for the buyback on any and all basis, 1 to 1.5 years ahead of their maturities, reiterates the company's commitment to proactively manage its debt maturities and optimize its debt portfolio by selective deleveraging at the KIPCO parent level and taking out near term maturities."

Kuwait Times

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