Kuwait’s Kufpec Said to Seek $750 Million 5-Year Syndicated LoanStephen Morris and Fiona MacDonald
Kuwait Foreign Petroleum Exploration Co., a unit of state-owned Kuwait Petroleum Corp. known as Kufpec, is seeking a $750 million loan, according to three people with knowledge of the deal.
Kufpec is close to hiring National Bank of Kuwait SAK and JPMorgan Chase & Co. to coordinate the five-year financing, said two of the people, who asked not to be identified because the terms are private. Bank of Tokyo-Mitsubishi UFJ Ltd., HSBC Holdings Plc and Royal Bank of Scotland Group Plc will also be appointed to help arrange the credit pact as so-called bookrunners, said the people.
When banks have been formally appointed the loan will be marketed to domestic and international lenders as soon as this week, the people said. Part of the deal will be used to replace a $320 million loan maturing in May, one of the people said.
Kate Haywood, a London-based JPMorgan spokeswoman declined to comment on the financing. A Kuwait City-based Kufpec spokesman didn’t immediately reply to an e-mail and telephone call seeking comment outside of normal working hours.
The financing was reported earlier by Reuters.