Global makes $27m principal payment
Kuwait’s Global Investment House (GIH) has completed the first year of its debt rescheduling after making a principal payment of $27m.
“With this payment, Global met its first-year repayment commitment stated in the debt rescheduling agreement signed with 53 lending banks on 10 December 2009,” GIH, one of Kuwait’s biggest investment firms, said in a statement published on 12 December.
The agreement stated that GIH should settle 10 per cent of the total debt, equivalent to $172.5m, within the first year.
“Following repayments of $28.9m on 21 April, $50m on 21 July and $72.5m on 21 October, the company has now repaid a total of $178.3m, which is $5.8m in excess of the agreed repayments due in the first year,” read the statement.
“Since signing the rescheduling agreement, Global has made interest payments of $82m in addition to settling the KD20m ($71.1m) bond on its due date of 23 December 2009, less than two weeks after signing the debt rescheduling agreement.”
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