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Gulf Finance House Clinches $300M Refinancing Deal

Manama, Bahrain : 10 February 2010

Gulf Finance House, Bahrain’s Islamic investment bank secured a deal today in London to refinance its $300 million syndicated facility, due today, Wednesday 10th February.

The bank has repaid $200 million, as expected and replaced the old facility with a new $100 million, six month murabaha.

Standard & Poor’s have thrice downgrded GFH’s rating in the last couple of months, citing “immediate and severe stress” as the reason for the downgrade.

The refinancing deal was reached via discussions with 32 financial institutions, led by German bank WestLB, during which GFH laid out plans to sell non-core assets and increase revenue streams.

Esam Janahi, GFH’s Chairman said “This agreement is indicative of lenders confidence in GFH’s business model, its ability to generate sustained revenue and return to profitability. We are happy with the agreement which shows the confidence in the strong financial position of the Kingdom of Bahrain.”

Ted Pretty, Acting CEO added that GFH was one of a few financial institutions that had opted to pay off some of its debt as opposed to fully refinancing their facilities.

Paul Holdsworth, Staff writer, Gulf Jobs Market News

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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