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 25 million (approximately $84 million equivalent) of 7½% Kuwaiti Dinar Bonds with a final maturity of 15 years. The offering price of the issue is par.
The issue will be dated December 15, 1973 and will be repaid in 13 approximately equal annual instalments on December 15 in each of the years 1976-1988 inclusive. The Bank has the right to prepay at any time on or after December 15, 1979 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 sixth offering of World Bank bonds in Kuwait. The previous offerings, which were also managed by the Kuwait Investment Company S.A.K., aggregated KD 105 million (approximately $355 million equivalent).