Robert S. McNamara, President of the World Bank, signed agreements in Kuwait on February 10, 1973 for 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., consist of KD 25 million (approximately $76,000,000 equivalent) of 7% Kuwaiti Dinar Bonds with a final maturity of nineteen years. Offering price of the issue is 99.00%.
The issue will be dated March 1, 1973 and will be repaid in fifteen approximately equal annual installments on March 1 in each of the years 1978-1992 inclusive. The Bank has the right to prepay at any time on or after March 1, 1983 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 fifth offering of World Bank bonds in Kuwait. The previous offerings, which were also managed by the Kuwait Investment Company S.A.K., aggregated KD 80 million (approximately $243.2 million equivalent).