Mubasher: Al Mazaya Holding has signed KWD 24.488 million ($81.21 million) credit facility contracts with a Kuwaiti bank to restructure its debt.
The credit facility will enable the company to reprofile its original outstanding facility of KWD 22.7 million, in addition to the related due finance costs towards the bank, according to the company's disclosure to Boursa Kuwait on Thursday.
The facility's tenor is six years, with the first installment due upon completing the related signatures from all contractual parties, followed by equal installments for a five-year period.
The facility's final installment will be due at the end of the contract term on 31 January 2027.
The facilities will have a positive impact on the company's liquidity during its tenor, which will be recorded in the company's financial statements for the second quarter (Q2) of 2021.
