Debt history


Year

Highlights

1990

Commercial bank term borrowing from Kuwaiti banks secured by  collateral

Established money market lines from Kuwaiti and regional banks

1994

First bond issue of KD12 million (US$41 million) in Kuwait

2000

Term borrowing from regional banks

New borrowings only on unsecured basis

2001

First issuer of KIBOR based floating rate bonds

2004

US$100 million debut international syndicated loan completed

No outstanding borrowings on secured basis

2005

US$175 million international syndicated loan completed

2006

Assigned investment grade rating by Standard & Poor's

Set up US$2 billion EMTN programme

Drawdown of US$635 million in two tranches under the EMTN programme

2007

Assigned a two notch upgrade from Standard and Poor's to BBB+/ A2

Net debt at the year US$21mllion

2008

ECP Programme established

Assigned Baa1/Stable/P-2 rating by Moody’s – Highest for any private
corporate in the MENA region

Raised US$350 million through a three-year club deal with a consortium of major international banks

2009

Raised KD80 million debt from a Kuwait based bank

Rating reaffirmed by S&P and Moody’s at BBB+/A2 and Baa1/P-2 respectively; Outlook revised to negative

Completed US$500 million bond issue under EMTN programme maturing in Oct 2016

2010

Rating downgraded to BBB-/Stable/A3 by S&P in Mar 2010

Rating downgraded to Baa2/Negative/P-3 by Moody’s in Jun 2010

Completed US$500 million bond issue under EMTN programme maturing in Jul 2020

2011

Repaid its debut US$ 350 million five-year bond issued under its US$2 billion EMTN programme.

Prepaid its three-year club deal loan of US$350 million in April 2011

Rating downgraded to Baa3/Negative/P-3 by Moody's in Jun 2011

2012

Completed KD80 million local currency bond issue maturing in January 2016

Prepaid KD32 million of outstanding KD72 million of term loan

2013

Extended maturity of KD40 million bilateral loan from 2015 to 2018

2014

Completed US$500 million bond issue under EMTN programme maturing in Feb 2019

Moody’s changed outlook on KIPCO’s Baa3/P-3 rating to stable in Sep 2014

2016

Repaid KD 80 million local currency bond. Completed US$ 500 million bond issue under

EMTN programme maturing in March 2023

Repaid US$ 500 million bond issued under EMTN programme maturing in October 2016

2017Completed US$500 million bond issue under EMTN programme maturing in Feb 2027, with simultaneous tender of its existing EMTN bond due in 2019 at a price of 105.25%. ~53% of the holders holding bonds of USD267mn opted to tender

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