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Tuesday, October 30, 2012

Commercial Bank Of Kuwait To Convert Noor’s Loan To Six-Year Tenor

Per www.arabtimesonline.com:

KUWAIT CITY, Oct 29: Going forward in implementing its plan to convert its financial obligations from short-term facilities to long-term facilities at a reduced financing cost, Noor Financial Investment Company is pleased to announce that it has sought and concluded an agreement with The Commercial Bank of Kuwait to restructure its loan facilities of KD 11 million to a six-year tenor maturing in 2017; which amounts to approximately 10% of Noor’s total debt.

It’s worth mentioning that during August 2011, Noor had restructured its KD 62.5 million loan facilities with Gulf Bank, which amounts to approximately 40% of its total bank debt. With the completion of Commercial Bank of Kuwait’s restructuring, Noor has completed restructuring approximately 50% of its total debts and continues its negotiations with other lenders banks to reach similar agreements.

Noor would like to take this opportunity to praise its solid and special relationship with The Commercial Bank, and with the professionalism and constructive cooperation and assistance extended from the Chairman, Board of Directors and senior management of The Commercial Bank, which emphasizes its leading role in serving the Kuwaiti economical sector.

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