Wednesday, 10 February 2010
Bahrain's GFH says lenders accept loan refinancing
Bahrain's Gulf Finance House GFHB.BH (GFHK.KW) (GFH) said on Wednesday that lenders of a $300 million loan have accepted its proposal to delay repayment of some funds by six months.
FINANCIALS
GFH said it would replace the $300 million murabaha loan maturing on Wednesday with a new $100 million facility with a tenure of six months, having repaid the other $200 million.
Lead arrangers for the loan were WestLB and Raiffeisen.
GFH has been hit hard by a property market crash in the Gulf Arab region and said on Feb.2 it would ask lenders of the loan to defer payment of a portion.END
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