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., consist of KD 20 million (approximately US$60 million equivalent) of 6-3/4% Kuwaiti Dinar Bonds with a final maturity of ten years. Offering price of the issue is 99.75%.
The issue will be dated April 1, 1972 and will be repaid in eight equal annual installments of KD 2,500,000 on April 1 on each of the years 1975-1982 inclusive. The bonds are non-callable.
The proceeds of the issue will be convertible ad will be used in the general operations of the Bank.
The new issue is the third offering of World Bank bonds in Kuwait. Previously an offering of KD 15 million of 6-1/2% Kuwaiti Dinar Bonds of the Bank was made in August 1968, and a further offering of KD 30 million of 7-1/2% Kuwaiti Dinar Bonds in November 1971, both offerings were managed by the Kuwait Investment Company S.A.K.