Debt history




Commercial bank term borrowing from Kuwaiti banks secured by  collateral

Established money market lines from Kuwaiti and regional banks


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


Term borrowing from regional banks

New borrowings only on unsecured basis


First issuer of KIBOR based floating rate bonds


US$100 million debut international syndicated loan completed

No outstanding borrowings on secured basis


US$175 million international syndicated loan completed


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


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

Net debt at the year US$21mllion


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


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


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


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


Completed KD80 million local currency bond issue maturing in January 2016

Prepaid KD32 million of outstanding KD72 million of term loan


Extended maturity of KD40 million bilateral loan from 2015 to 2018


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


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 first ever seven year corporate dinar bond issue of KD100 million maturing in December 2024

In this section