Joint lead managers of the transaction included Burgan Bank, KAMCO, and Gulf Bank
Kuwait – 25 June, 2013: ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier firms has advised the Joint Lead Managers on the placement of a KD 60 million bond issue by United Real Estate Company (URC). The five-year bond will mature in 2018 and will be issued in two tranches, namely fixed rate bonds of KD 36.45 million, and Floating Rate Bonds of KD 23.55 million.
Fixed rate bonds
The fixed rate bonds bear a fixed interest at the rate of 5.75 percent per annum. The floating rate bonds bear an interest at the rate of 3.25 percent per annum over the discounted rate of the Central Bank of Kuwait, capped at 6.75%, in effect on the rate fixing dates. The bonds include a Kuwaiti Dinar denominated fixed income investment opportunity which will deliver regular income in the form of quarterly coupon payments with redemption at maturity of the five year term. The bonds have been rated BBB- with a positive outlook by Capital Intelligence.
Rob Little, Partner at ASAR – Al Ruwayeh & Partners said: “We are pleased to have advised the Joint Lead Managers in relation to URC’s latest bond issue. Such transactions are crucial for the development of the local debt capital markets. We strongly believe that a fully functioning and vibrant local bond market is a key element in the development of Kuwait’s private sector, in line with the plan of developing Kuwait into a key financial center in the region. The issuance of this bond comes at an opportune time as we witness a renewed growth of the local bonds market, more so for the real estate sector.”
Mr. John Cunha, Partner at ASAR – Al Ruwayeh & Partners said: “ASAR has been consistently at the forefront in advising large organizations with their bond issuance. The firm previously advised the joint lead managers to Burgan Bank’s landmark KD 100 million (US$ 356 million) Lower Tier II Subordinated Bond Issue. The bond marked the first KD-denominated Lower Tier II subordinated bond, largest private sector KD issuance and longest tenor in Kuwaiti market to be issued by a Kuwaiti bank. Moreover, ASAR also previously advised Kuwait Projects Company (KIPCO) with successfully completing its four year KD 80 million bond issuance.”
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. Dersom en har god hukommelse kan en jo huske hvilke kort som har blitt delt ut, og dermed kan en regne seg fram til sannsynligheten for hvilke kort som kommer, noe som er til stor hjelp https://www.casinonorske.com/slik-spiller-du-blackjack.
ASAR has been consistently rated as the leading corporate and commercial law firm in Kuwait by many of the world’s leading and reputable legal guides such as the Chambers Global Guide, International Financial Law Review, and the Legal 500. In 2012, ASAR was named as the “Best Law Firm in Kuwait 2012” by the International Financial Law Review (IFLR), the market-leading guide for financial law firms worldwide. The firm also won the “Best Equity Deal in the Middle East” award by IFLR during the same year.