ASAR – Al Ruwayeh and Partners acts as Kuwait legal counsel to KIPCO in connection with $500m EMTN note issuance
ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier firms, was appointed as Kuwait legal counsel to Kuwait Projects Company (Holding) K.S.C.C. (KIPCO) in connection with the issuance of $500m (KD141m) fixed rate Euro Medium Term Notes due 2019 by Kuwait Projects Co. (Cayman) under its $2bn EMTN Programme guaranteed by KIPCO.
So much so was the note issuance well received that it was six times oversubscribed at launch and attracted a total of 250 investors from across the Middle East, Europe, and Asia. This robust demand allowed KIPCO to price the deal at the tight end of the pricing range with a fixed coupon of 4.80%. The notes were widely distributed, with European investors allocated 41% of the note issuance while Middle East, UK, Asian and US (offshore) investors accounted for 19%, 15%, 14% and 11% respectively. In terms of investor profile, 58% was allocated to fund managers, 33% to banks and 9% to others.
Rob Little, Partner at ASAR – Al Ruwayeh & Partners, said: “We are delighted to have been involved in such a significant deal and we are certain that the popularity of similar transactions are fundamental to the development of the local debt capital markets. We also strongly believe that a fully functioning and vibrant local debt capital market is a key element to the development of Kuwait’s private sector, in line with the plan of developing Kuwait into a key financial center in the region. This transaction underlines the continued interest of investors in this asset class and we look forward to working with our clients in similar transactions in the near future.”
Mr. John Cunha, Partner at ASAR – Al Ruwayeh & Partners said: “The firm had previously advised Kuwait Projects Company (KIPCO) with a successful completion of its four year KD80m bond issuance as well. This latest deal further cements ASAR’s leading position within the Corporate Law Firm sector while acting as a long standing legal advisor to KIPCO highlights our position at the forefront of providing quality legal services to blue chip organizations.”
With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.
The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review and the Legal 500. In 2013, ASAR was named as the “2013 National Law Firm of the Year for Kuwait” by the International Financial Law Review (IFLR), the market-leading guide for financial law firms worldwide. The firm also won the “Best Restructuring Deal in the Middle East” award by IFLR during the same year.
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