First Investment Agrees With Lenders on Restructuring

First Investment Co., the Kuwaiti Islamic finance company known as Al-Ola, signed an agreement with its creditors to restructure 92 million dinars ($333 million) of debt.

“We signed the accord last February with our six local lenders” including Al-Ahli United Bank, Kuwait Finance House (KFIN), Burgan Bank SAK, Chief Executive Officer Khalid al-Sanaousi said in a phone interview. Kuwait International Bank (KIB), Commercial Bank of Kuwait SAK (CBK) and Boubyan Bank were also part of the agreement, he said.

The restructuring included the issuance of five-year sukuk with a grace period of 18 months and repayments will be made every six months, he said.

To contact the reporter on this story: Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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