NBK Leads Bank Consortium to Arrange USD 1.5 bln Additional Financing for KUFPECSource: www.export-egypt.com 4/5/2015, Location: Middle East |
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The National Bank of Kuwait (NBK), in cooperation with J.P Morgan Limited, has led a consortium of international, regional and Kuwaiti banks to arrange an additional financing of USD 1.5 billion for Kuwait Foreign Petroleum Exploration Company (KUFPEC), a wholly owned subsidiary of Kuwait Petroleum Company (KPC).
This additional financing represents an accordion feature under KUFPEC's existing USD 1 billion five-year term loan facility originally signed in November 2014. This raises the existing loan to USD 2.5 billion. The NBK and J.P Morgan Limited acted as joint coordinators and NBK was appointed as the Facility Agent. The consortium includes: NBK, J.P Morgan, the Bank of Tokyo-Mitsubishi UFJ, HSBC and The Royal Bank of Scotland as underwriters, joint bookrunners and initial mandated lead arrangers. Ahli United Bank, Australia and New Zealand Bank, Barclays Bank, BNP Paribas, Burgan Bank, Citibank, Commercial Bank of Kuwait, Doha Bank, Gulf Bank, Mizuho Bank, Natixis, National Bank of Abu Dhabi, Qatar National Bank, Samba Financial Group, Society Generale, Sumitomo Mitsui Banking Corporation, and Union National Bank acted as lead arrangers. Scotia Bank, Bank of Bahrain & Kuwait, and National Bank of Bahrain acted as arrangers. Previously in 2013, the NBK, in cooperation with J.P Morgan Limited, led a consortium of banks to arrange a USD 1 billion syndicated loan for KUFPEC. In 2008, NBK was also the Original Lender and the Agent Bank for a five-year term loan facility of USD 320 million for KUFPEC. NBK-Kuwait Chief Executive Officer Salah Al Fulaij said: "NBK has a long history in arranging and leading mega financing deals in Kuwait and the region. The NBK's leading role in this transaction is yet another testament of the NBK's, strong reputation, professionalism and credibility in the market place." "NBK is the banking partner for all of Kuwait's oil companies. The NBK's relationship with the KPC and its subsidiaries extends for more than four decades," Al Fulaij added. "We are happy to be the bank of choice for KUFPEC and KPC's subsidiaries in their expansion plans." The NBK is the largest financial institution in Kuwait and has been consistently awarded the highest credit ratings in the region from Moody's, Standard & Poor's, and Fitch Ratings. The NBK also stands out in terms of its local and international network, which includes branches, subsidiaries and representative offices in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Jordan, Egypt, Bahrain, Saudi Arabia, Iraq, Turkey, and the UAE. The NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. |
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