(Company corrects names of banks in second paragraph of story first published Oct. 13.)
Oct. 16 (Bloomberg) -- 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, Burgan Bank SAK, Chief Executive Officer Khalid al-Sanaousi said in a phone interview. 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.
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