KPC taps loan market with Kuwait locked in debt talks
State-owned Kuwait Petroleum Company has raised a syndicated loan from local lenders worth $3.27bn equivalent. The deal is one of the few major financings to take place in the Middle East during the coronavirus pandemic, and comes at a time when Kuwait faces critical economic challenges.
The loan of KD1bn, equivalent to $3.27bn, is being provided by Kuwait Finance House and National Bank of Kuwait. NBK is providing KD370m of the loan.
KPC last tapped markets in December 2019, when it sold a $1bn bond to international investors.Bookrunners for that deal were BNP Paribas, Citi, ...