Kuwait's Global Investment schedules bondholder restructuring meetings

By Angela McDaniels

Tacoma, Wash., May 29 - Global Investment House KSCC will hold separate meetings with the holders of its 45 million Kuwaiti dinar of bonds due June 10, 2012 and its 50 million dinar of bonds due Nov. 24, 2013 on June 7 in continuation of its debt restructuring discussions and negotiations, according to a company news release.

As previously reported, the company received approval in late 2011 to defer principal payments due to its bank lenders in December, extend the maturity of the 45 million dinar of bonds from April 25, 2012 and defer an increase in interest margins on the bank debt to June 10. The company agreed to make a cash payment of 25 basis points to the bank lenders in lieu of part of a pre-existing deferral fee.

On May 14, the company asked for an extension of the waivers and deferrals to give lenders more time to review and approve a debt restructuring term sheet and to formally document and implement the restructuring.

The company said the waiver request seeks a deferral of specified mandatory minimum principal payments, a deferral of any increase in margin, a deferral on payment of interest until the end of the waiver period and a deferral/waiver of covenants applicable to Global Investment House under its existing lender arrangements.

The requested waivers/deferrals would expire on Nov. 10, subject to an extension to Dec. 10.

Global Investment House is an investment company based in Kuwait City.

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