First Investment Reaches Accord With Lenders to Restructure Debt

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 National Bank of Kuwait SAK, Kuwait Finance House, Burgan Bank SAK, Chief Executive Officer Khalid al- Sanaousi said in a phone interview today. Kuwait International Bank, Commercial Bank of Kuwait SAK 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.