Kuwait Projects Holding Company (KIPCO) said that it has signed a contract with nine regional and international banks to obtain credit facilities worth $525 million, due in February 2025, with the possibility of extension for an additional year based on the company's decision.
And (KIPCO) added in a statement to Boursa Kuwait, yesterday, Tuesday, that it will use the value of these facilities to pay bonds due in March 2023 at a value of $500 million, under the umbrella of the program for issuing medium-term securities in euros, and for the general purposes of the company’s activity.
In early January, KIPCO announced that it had completed the private placement process to issue unsecured debt bonds with priority repayment at an amount of 165 million dinars ($539.69 million). It also completed the purchase and cancellation of other bonds due in 2023 and 2024, with a total amount of 105 million dinars.
(KIPCO) profits declined in the first nine months of last year by 78% to reach 5.87 million dinars, compared to profits of 27.17 million dinars during the same period in 2021, noting that the company has not yet announced the annual financial statements for the year 2022.
