Kuwait’s Commercial Facilities Plans $182 Million Debt Sale
Commercial Facilities Co. (FACIL), a Kuwaiti consumer finance company, plans to sell as much as 50 million dinars ($182 million) of bonds maturing 2015, according to a preliminary prospectus obtained by Bloomberg News today.
The amortizing floating-rate bonds, rated BBB by Capital Intelligence Ltd., the second-lowest-investment grade, will be priced at 140 basis points over the Central Bank of Kuwait’s discount rate, the document showed. The interest will be payable quarterly. The subscription period begins on Nov. 13 and ends Dec. 1, the document said.
Commercial Facilities chairman didn’t respond to calls made by Bloomberg today.
NBK Capital, the investment bank owned by National Bank of Kuwait (NBK) SAK, is the lead manager and placement agent of the bond. Proceeds will be used for “general corporate purposes,” according to the prospectus.
With assistance from Fiona MacDonald in Kuwait. Editor:
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