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Private sector firm Kuwait Energy (KEC) has raised $250mn via a refinancing bond with a high-yield 9.5% coupon.
Some 71% of KEC’s 23,100 b/d net production comes from Egypt, where delayed payments mean its receivables are mounting.
Monies owed to Kuwait Energy by Egyptian state firm Egyptian General Petroleum Corporation (EGPC) rose to $124.4mn as of end-June – of which $76.1mn is considered past due – up from $116.7mn at end-2013 (see p2). However, as of 1 August, KEC’s Egyptian receivables had eased to $98mn, Fitch says in a recent briefing note on the bond issue, adding that “the collection risk in Egypt remains given the weak state of the sovereign’s finances.”
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