KEPCO Repays Remaining Value of Its Bonds, Originally Worth $500 Million
صورة: وكالة الأنباء الكويتية (كونا)
Kuwait Projects Company (KEPCO) announced the repayment of the remaining value of its bonds, originally worth $500 million.
Translated by Qiyas from كونا — Original source
Kuwait City, 1 Nov (KUNA) -- Kuwait Projects Company (KIPCO) announced the full repayment of the remaining balance of its bonds, originally issued at $500 million, under its Euro Medium-Term Note (EMTN) program. The company repaid $353.98 million ahead of the scheduled maturity date.
In a press release issued on Sunday, KIPCO stated that the repayment was fully funded from the group’s own financial resources, a move that reflects the robustness of KIPCO’s liquidity position and its prudent policy in managing its financial obligations. The company noted that the bonds were repaid without the need for refinancing, amid global financial market uncertainty and rising borrowing costs.
The statement quoted KIPCO Group Chief Financial Officer Mustafa Al-Shami as saying, “The repayment of these bonds reflects the strength of our liquidity position and our commitment to adopting a disciplined financial approach in managing our obligations. It highlights the importance of our ability to fully meet our commitments without requiring refinancing, despite the challenges currently facing financial markets.”
He added that this repayment also contributes to reducing the group’s total debt and financing costs, while maintaining the financial flexibility that enables the company to advance its strategic priorities.
The repayment comes as part of KIPCO’s ongoing efforts to strengthen its financial structure and underscores its firm commitment to honoring its obligations to investors, based on its long-standing track record in this area.
KIPCO launched its Euro Medium-Term Note program in 2006 with an initial issuance capacity of $2 billion, which was later increased to $3 billion. Over the past years, the program has enabled the group to tap into global debt markets and diversify its funding sources. The program remains active, providing KIPCO with the flexibility to access global debt markets as needed, in line with prevailing market conditions and its financing strategy. (End) A.K. / A.M.H.
