ASAR Acts as Kuwait Legal Counsel to KIPCO for USD 500 million notes issuance
ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier firms, has successfully completed its legal counsel of Kuwait Projects Company (Holding) K.S.C.P. (KIPCO) on the issuance of a US$ 500 million (KD 150.54 million) seven-year notes issuance under its USD 3 billion Euro Medium Term Note (EMTN) Programme.
The issuance was oversubscribed by 2.5 times and is a testament to the confidence that global investors have in KIPCO. The strong demand allowed KIPCO to price the deal at a favorable pricing range with a fixed rate coupon of 5%. The notes were widely distributed, with European investors allocated 32% of the transaction while Asian, UK, Middle East and US (offshore) investors accounted for 28%, 23%, 14% and 3% respectively.
Rob Little, Counsel at ASAR said: “We have been fortunate to work with and represent KIPCO for quite some time now and on a number of high profile transactions. ASAR appreciates the confidence and trust that KIPCO’s management has in our firm. Despite challenging economic times, this transaction underlines the continued interest of investors in this asset class and in KIPCO.”
Mr. John Cunha, Partner at ASAR said: “Our involvement in such a significant transaction and the popularity it received is a testament to the solid development of Kuwait based companies in the global capital markets arena. This latest deal highlights ASAR’s capabilities in the capital markets sector and in its servicing of Kuwait’s top tier companies. We look forward to continue to assist our clients in reaching their business and strategic objectives.”
With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.
The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review (IFLR) and the Legal 500. In 2015, ASAR was awarded with the IFLR National Law Firm of the Year Award; an award which ASAR has been delighted to receive for the 7th consecutive year. The firm also won the “Best Restructuring Deal in the Middle East” award by IFLR in 2014. Further, the firm won the prestigious “2014 Commercial Litigation Law Firm of the Year” and the “2014 Best Banking and Finance Legal Team –Kuwait” awards from Acquisition International Magazine in 2014. ASAR lawyers have also received multiple awards under different categories in the Fourth Edition of ‘Best Lawyers’ in Kuwait.