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National Industries’ bond issue fully oversubscribed

National Industries’ bond issue fully oversubscribed
The bonds carry a maturity period of five years
NIND
NIND
-2.63% 148.00 -4.00

Mubasher: The KWD 30 million ($98.6 million) denominated bonds issue of National Industries Group Holding was successfully concluded.

The five-year bonds were fully oversubscribed, according to a press release on Tuesday. 

The announcement was jointly released by National Industries, along with the issue’s joint and lead managers and subscription agents, namely Kuwait Financial Centre (Markaz), Ahli Capital Investment Company which is affiliated to Al Ahli Bank of Kuwait (ABK), and Gulf Bank.

Moreover, the first tranche of the bonds will have a fixed annual interest rate of 5.50%, while the second tranche will have a variable annual interest rate of 2.75% above the discount rate announced by the Central Bank of Kuwait (CBK). Both rates will be paid on a quarterly basis.    

National Industries is listed on Boursa Kuwait and Dubai Financial Market (DFM).