Robert S. McNamara, President of the World Bank, announced today a public offering of the Bank's bonds in Kuwait. The new issue, which is being offered by the Kuwait Investment Company S.A.K., consists of KD 30 million (approximately US$84 million equivalent) of 7½% Kuwait Dinar Bonds with a final maturity of ten years. Offering price of the issue is par.
The issue will be dated November 1, 1971 and will be repaid in eight equal annual installments of KD 3,333,000 on November 1 in each of the years 1973-1980 inclusive, and one final payment of KD 3,336,000 on November 1, 1981. The bonds are not subject to early redemption.
The proceeds of the issue will be convertible and will be used in the general operations of the Bank.
The new issue is the second offering of World Bank bonds in Kuwait. Previously, in August 1968, an offering of KD 15 million of 6½% Kuwait Dinar Bonds of the Bank was made through the Kuwait Investment Company S.A.K.
