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. However, as of 1 August,...