Kuwait's KIPCO signs $350 mln refinance loan

DUBAI, July 22 (Reuters) - Kuwait Projects Co (KPRO.KW: Quote, Profile, Research) (KIPCO) said on Tuesday it had signed a $350 three-year loan to refinance some of its debt, which matures in November.

The banks that signed the private deal with KIPCO were BNP Paribas (BNPP.PA: Quote, Profile, Research), Citigroup (C.N: Quote, Profile, Research), Credit Suisse (CSGN.VX: Quote, Profile, Research), HSBC (HSBA.L: Quote, Profile, Research), JP Morgan and RZB, Kuwait's biggest investment firm by market value said in a statement.

Moody's Investors Service earlier this month assigned KIPCO long-term foreign and local currency issuer ratings of Baa1 in its first rating of the firm.

KIPCO posted second-quarter net profit of 28.5 million dinars on Sunday, up 29.5 percent, which Citigroup said in a note on Tuesday was above its estimate of 18 million dinars. (Reporting by Jason Benham; Editing by Paul Bolding)