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FINANCIAL NEWS
Kuwait’s NIG asks creditors for 4-year extension for USD475m sukuk
23 Jul 2012
(MENAFN) Kuwait-based investment firm National Industries Group Holding (NIG) is negotiating with creditors over a four-year extension on a USD475 million sukuk, due in August, Reuters reported.
NIG, controlled by family conglomerate Kharafi Group, is the latest debt case to surface in the Kuwaiti investment sector, which was hard hit by the 2008 global financial crisis.
Several Kuwaiti investment firms have faced debt problems, including Investment Dar, co-owner of luxury carmarker Aston Martin, International Investment Group and International Leasing and Investment Co.
Under the revised structure, which sukukholders have until August 9 to agree to, NIG will repay 25 percent of the principal amount at the end of each of the four years rather than a bullet repayment in which the borrowed sum is paid back at the end of the term.
The profit rate will also be amended from a floating rate of three-month Libor plus 105 basis points to a fixed rate of 450 basis points – much higher than the 151.59 bps paid out at the last coupon payment in May.
Creditors who agree to the restructuring by August 6 will receive a variable early consent fee.
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