Demand for Kufpec five year undiminished by delay

By Steven Gilmore
23 Jul 2013

Kuwait Foreign Petroleum Co (Kufpec) has signed its long awaited $750m five year loan. A two month delay did nothing to damage to deal, which enjoyed massive oversubscription that led to banks being allocated only half of their commitments.

The company signed the deal on July 18, although at one point lenders had expected the loan to sign in April. Later bankers had predicted May 18 as the signing date.

There was no delay with syndication but unexpected problems around withholding tax and other documentation issues ...

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