Nov 23 2014
In This Article
Kuwait Foreign Petroleum Exploration Company K.S.C. (Closed)
In cooperation with J.P Morgan
National Bank of Kuwait (NBK), in cooperation with J.P Morgan Limited, has led a consortium of international, regional and Kuwaiti banks to arrange a syndicated loan of USD 1 billion for
Kuwait Foreign Petroleum Exploration Company (KUFPEC)
, a wholly owned subsidiary of Kuwait Petroleum Company (KPC). The five-year term loan will be used for
KUFPEC
‘s general corporate purposes and to finance its international expansion plans.
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 Initial Mandated Lead Arrangers, and Ahli United Bank B.S.C, Australia and New Zealand Banking Group, Barclays Bank PLC – Wholesale Bank Bahrain, Burgan Bank, CITI Bank N.A. – Kuwait, Commercial Bank of Kuwait, Doha Bank, Gulf Bank, Mizuho Bank LTD, NATIXIS, National Bank of Abu Dhabi- Kuwait Branch, Qatar National Bank, Samba Financial Group, Societe Generale, Sumitomo Mitsui banking Corporation Europe LTD, and Union National Bank as Bookrunners and the Mandated Lead Arrangers, and Scotiabank Europe PLC, Bank of Bahrain Kuwait, and National Bank of Bahrain as Lead Arrangers.
Last year, NBK, in cooperation with J.P Morgan Limited, had also led a consortium of banks to arrange a KD 1 billion syndicated loan for
KUFPEC
. In 2008, NBK was also the Original Lender and Agent Bank for a five-year term loan facility of USD 320 million for
KUFPEC
.
Shaikha Al Bahar, NBK Deputy Group Chief Executive Officer, said: “This transaction reflects NBK’s leading position as the banking partner for Kuwait’s oil companies. NBK has always been at the forefront in supporting Kuwait’s oil sector. NBK’s relationship with KPC and its subsidiaries extends for almost four decades.”
“NBK’s leading role in this transaction reflects, once again, its strong reputation, professionalism and track-record in arranging and leading mega financing deals in Kuwait and the region”. Al Bahar added. “We are happy to cooperate with major international banks to support
KUFPEC
‘s expansion plans.”
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. 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. NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region.
About National Bank of Kuwait (NBK):
NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. NBK reported profits of USD 844 million (KD 238.1 million) for 2013. NBK’s total assets were USD 66 billion (KD 18.6 billion) at the end of 2013, while shareholder equity stood at USD 8.4 billion (KD 2.4 billion).
NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded the highest credit rating of all banks in the region from Moody’s, Standard Poor’s, and Fitch Ratings. 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, Qatar, Saudi Arabia, Iraq, Turkey, and the UAE.
NBK’s Long-Term Ratings:
- Moody’s Aa3
- Fitch Ratings AA-
- Standard Poor’s A+
For more information, please contact the Media Relations Manager, National Bank of Kuwait Group:
Firas Yassine
P.O. Box 95, Safat 13001, Kuwait
Tel: (965) 22593218
Fax: (965) 22246674
Mob: (965) 97506250
firasy@nbk.com
www.nbk.com
© Press Release 2014
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