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Kuwait’s National Industries seeks $475m bond extension

Kuwaiti building material manufacturer, National Industries Group Holding (NIND), which has $475m of Islamic bonds maturing in August, is seeking a four-year extension on the sukuk maturity as the company raises financing for repayment, Bloomberg has reported. The company is seeking to amend the periodic distribution from floating to fixed at a rate of 4.5% payable semi-annually on February 16 and August 16, NIND said. A debt-holders' meeting scheduled for August 13 to seek their approval to extend the maturity to August 16, 2016, it said.