Noor Financial Investment signs agreement to restructure debt with GBK

05/09/2011 00:00 AST

Noor Financial Investment Company is pleased to announce that it has proactively sought and concluded a deal with Gulf Bank to restructure its loan facilities, which amounts to approximately 40 percent of Noor's total bank debt. As a result, Noor's 62.5 million Kuwaiti dinar Gulf Bank loan has been converted from a short-term facility to a long-term facility at a reduced financing cost, with a six-year tenor maturing in the year 2017. Noor is also in the process of actively negotiating the loan restructuring terms with other lender banks. This was stated in a press release on Sunday.

Noor would like to take this opportunity to thank the Chairman, Board of Directors, Chief Executive Officer (CEO) and senior management of Gulf Bank who have extended their assistance and cooperation to finalize this transaction.


Al Watan

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