Dubai: National Real Estate Company KPSC (NREC), said on Sunday it has successfully completed refinancing of 154.40 million Kuwaiti dinars.
“NREC will benefit from a significantly enhanced working capital capacity. The revised cost of debt will further support the underlying cash flows of the business,” said Sam Seddiqi, chief executive of NREC.
The previous 154.40 million Kuwaiti Dinars loan facility consisted of 88.40 million Kuwaiti Dinars short term loan and a 66 million Kuwaiti Dinars medium-term loan. With the completion of the refinancing, the new loan facility now consists of a 11 million Kuwaiti Dinars short-term loan and overdraft facility and a 140 million Kuwaiti Dinars long-term loan to be repaid in seven years.
