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Global offers collateral to its bondholders

Kuwait: Saturday, November 14 - 2009 at 12:32
PRESS RELEASE

Global Investment House KSC (c) (Global/Company) announced today that meetings were held in the State of Kuwait at the Company's headquarters with the Bondholders' Association for the three outstanding bonds: KD20m bonds due on 23 December 2009; KD45m bonds due on 25 April 2012; and KD50m bonds due on 24 November 2013.

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Global Tower.

In these meetings, Global as the issuer of three bonds, offered to the bondholders security on the same terms and basis as is being proposed to be offered to the banks and financial institutions currently in discussions with the Company for restructuring of the debt. Further the Company sought bondholders' authorization to the relevant restructuring documents to which the bondholders will be signatories through their authorized representatives. The Company plans to settle the bonds as they mature in 2009, 2012 and 2013. Therefore, no extension was sought to the bonds maturity.

The associations of 2009, 2012 and 2013 bonds accepted the Company's proposals and authorized their respective "Representatives of the Bondholders' Association" to execute the relevant restructuring documents.

Mrs. Maha Al-Ghunaim, Chairperson and Managing Director of Global, commented.

"I am pleased by the outcome of these meetings as it strengthens the bondholders position through security, brings all classes of financers on pari passu basis in the debt restructuring and is yet another milestone accomplished towards successful conclusion of the debt restructuring."

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» Global Investment House company profile

Related site: http://www.globalinv.net

Notes and media contacts

For more information please contact:

Safa'a Al-Matari
Assistant Manager
Marketing & Communications
Tel:(965) 22951626
Fax:(965) 22951638
P. O. Box: 28807 Safat, 13149 Kuwait
www.globalinv.net

Posted by Rima Ali Al Mashni
Saturday, November 14 - 2009 at 12:32 UAE local time (GMT+4)

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Global offers collateral to its bondholders

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