Citi Arranges a USD 320 Million Syndicated Term Loan Facility for Kuwait Foreign Petroleum Exploration Company (KUFPEC)

14.05.08 - 03:01 ... source : Citigroup

... Kuwait City – KUFPEC today announced that it had closed a USD 320 Million five-year syndicated loan arranged by Citibank, N.A. ("Citi") (Mandated Lead Arranger & Sole Bookrunner). The deal marked the debut debt capital markets transaction for KUFPEC. The proceeds will be deployed by KUFPEC to expand its already buoyant oil and gas business. The facility was distributed in both the international and the local bank market, and, despite difficult conditions in the wider markets, was well received, being over-subscribed both in Kuwait and abroad. The syndicate comprises six international banks and four Kuwaiti banks. Established in 1981, KUFPEC is a wholly-owned subsidiary of Kuwait Petroleum Corporation (KPC), the holding compa ...» Next (HTML)