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GFH signs agreement for $105m credit facility from KFH

: Sunday, August 31 - 2014 @ 09:21

Gulf Finance House (GFH has signed an agreement for a $105m credit facility from Kuwait Finance House – Bahrain (KFH-Bahrain), BNA reported. The five year facility, which will be extended to GFH on an amortized basis and with an 18 month moratorium, will be utilized by the Bank to redeem two existing debt facilities with 27 syndicate participants and allows the release of major assets for GFH. The company’s adjusted margin on earnings before interest, tax, depreciation and amortisation (EBITDA) was 46.9pc in the first six months of this year, up from 45.6pc in the year-earlier period. “Though the near-term outlook remains encouraging, continued geopolitical issues may result in challenges as the year progresses,” chief executive Mohammed Sharaf said. ‘We remain focused on delivering relevant new capacity in the right markets, improving efficiencies, containing costs and handling higher margin containers to drive profitability.’

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Sunday, August 31- 2014 @ 9:21 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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