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06/11/2017 07:59 AST
Kuwait's Burgan Bank, the country's third largest lender by assets, is in early discussions with banks for the refinancing of a $350 million loan due in December, sources familiar with the matter said on Sunday.
The bank raised the original debt facility in 2015 with a group of seven banks, including regional and international lenders.
The new loan would refinance the amount raised at that time, but the bank is considering extending the maturity of the facility by one year, meaning the new transaction could have a three-year tenor.
A spokesman for Burgan Bank did not immediately respond to a request for comment.
The banks that participated in the 2015 loan were Commerzbank, Emirates NBD, HSBC, National Bank of Abu Dhabi, Societe Generale, Standard Chartered and Wells Fargo.
The new loan will "most likely" be provided by the same group of banks, but no decision has been taken yet as the discussions are at an early stage, said one of the sources.
Established in 1977, Burgan Bank is rated 'A+' with a stable outlook by Fitch. In a statement last month, the agency cited "an extremely high probability of support from the Kuwaiti authorities to all domestic banks if needed" as one of the reasons for its rating decision.
The Kuwaiti lender said last month its nine-month profit attributable to shareholders amounted to 53.9 million dinars ($178 million), against 48.6 million dinars one year earlier.
Reuters
15/04/2025
Burgan Bank has released its sixth annual Sustainability Report, marking a major milestone in its ESG journey and reinforcing its excellence in sustainable financial practices. As the first bank in K
Kuwait Times
15/02/2018
Kuwait-based Burgan Bank has posted a net income of KD65.2million ($214.9 million) for the year 2017. Earnings per share reached 25.4 fils.
On underlying bases, net income (excluding preca
Trade Arabia
12/02/2018
International credit rating agency, Capital Intelligence Ratings (CI Ratings or CI), has affirmed the 'BBB' Rating for Burgan Bank's (BB) KWD100mn Subordinated Bond (Basel III compliant), maint
CPI Financial
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16/04/2025
Commercial Bank, a leader in innovative digital banking solutions in Qatar, in collaboration with Microsoft, hosted the first DHL4SMEs workshop on digital and financial strategies for SMEs at Commerc
The Peninsula
16/04/2025
Dukhan Bank announced the names of the most recent round of draw winners for Thara'a, its Shariah compliant savings account, at the Bank's headquarters.
The draw was conducted under the supe
The Peninsula
16/04/2025
Bank Muscat, the largest financial institution in Oman, reported a net profit of RO58.56mn for the first quarter of 2025, compared to RO54.24mn reported during the same period in 2024, reflecting a y
Muscat Daily
16/04/2025
E& shareholders on Tuesday approved the Board's recommendation for FY 2024 of cash dividend of 83 fils (Dh0.83) per share for the fiscal year 2024.
Jassem Mohamed Bu Ataba Alzaabi, Chairman
Khaleej Times
15/04/2025
Dukhan Bank, Qatar's leading provider of Sharia-compliant financial solutions, has launched a new House Finance campaign offering customers exclusive benefits, including a competitive profit rate as
The Peninsula
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