Kuwait-based Al Ruwayeh & Partners (Asar) said it has successfully completed its legal counsel of Kuwait Projects Company (Kipco) on the issuance of a $500 million seven-year note under its $3 billion Euro Medium Term Note (EMTN) programme.

A leading and most prominent corporate law firm in Kuwait, Asar said the notes were widely distributed, with European investors allocated 32 per cent of the transaction while Asian, UK, Middle East and US (offshore) investors accounted for 28 per cent, 23 per cent, 14 per cent and three per cent respectively.

The issuance was oversubscribed 2.5 times and is a testament to the confidence that global investors have in Kipco, it stated.

The strong demand allowed Kipco to price the deal at a favorable pricing range with a fixed rate coupon of five per cent, the company said.

Rob Little, the counsel at Asar said: "We have been fortunate to work with and represent Kipco for quite some time now and on a number of high profile transactions. Asar appreciates the confidence and trust that Kipco's management has in our firm."

"Despite challenging economic times, this transaction underlines the continued interest of investors in this asset class and in Kipco," he noted.

With dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, Asar provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.

John Cunha, the partner at Asar said: "Our involvement in such a significant transaction and the popularity it received is a testament to the solid development of Kuwait based companies in the global capital markets arena."

"This latest deal highlights Asar’s capabilities in the capital markets sector and in its servicing of Kuwait’s top tier companies. We look forward to continue to assist our clients in reaching their business and strategic objectives," he added.-TradeArabia News Service