Global plans $100m loan for funding

NEW YORK — Global Investment House KSCC, Kuwait's biggest investment bank, plans to borrow $100 million next month with help from WestLB AG to meet its short-term funding needs.

By (Bloomberg)

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Published: Fri 28 Dec 2007, 10:32 AM

Last updated: Sat 4 Apr 2015, 9:44 PM

WestLB will syndicate Global's one-year loan to regional banks, Sunny Bhatia, the Kuwaiti company's chief financial officer, said in a phone interview yesterday, declining to comment on the interest the loan will pay.

Global may hold its first international bond sale next year when credit markets recover, Bhatia said. In November he said the bank may sell about $500 million of five-year notes in 2007 if lenders regained their appetite for corporate debt after a global slump sparked by U.S. mortgage defaults.

Global, which manages about $8.3 billion, earlier this month agreed to buy 60 per cent of FFK Fon Finansal Kiralama AS as it expands outside Kuwait, the Turkish leasing company said in a Dec. 18 filing. In June it got a licence to open an investment banking unit in Saudi Arabia, the biggest Arab economy.

WestLB was among 29 banks that agreed to lend Global $300 million in June to help it secure longer-term funding. That three-year loan pays 0.8 percentage point more than the benchmark London interbank offered rate, Global said in a June 10 statement.

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