Robert S. McNamara, President of the World Bank, announced today a public offering of the Bank's bonds in Kuwait. The new issue, which will be offered by the Kuwait Investment Company S.A.K., consists of KD 15 million (approximately $45,600,000 equivalent) of 7% Kuwaiti Dinar Bonds with a final maturity of nineteen years. Offering price of the issue is 99.50%.
The issue will be dated August 15, 1972 and will be repaid in fifteen equal annual installments of KD 1,000,000 each on August 15 in each of the years 1977-1991 inclusive. The Bank has the right to prepay at any time on or after August 15, 1982 the whole of the principal amount of the bonds outstanding at prices decreasing from 102% to par.
The proceeds of the issue will be convertible into other currencies and will be used in the general operations of the Bank.
The new issue is the fourth offering of World Bank bonds in Kuwait. The previous offerings, which were also managed by the Kuwait Investment Company S.A.K., aggregated KD 65 million (approximately $197.6 million equivalent).