Kuwait's National Industries Group (NIG) has taken out a KD105-million ($347.4 million) three-year loan to refinance existing debts, the company and one of the arrangers said on Sunday.

Lenders from Kuwait and the Gulf, in addition to international banks, participated in the transaction, which will be used to replace existing debt of the same value, NIG said in a bourse statement.

The company, which has interests in a number of industrial sectors including building materials and petrochemicals, added it had separately renewed a facility worth KD25 million with Commercial Bank of Kuwait for an additional two years.

Islamic lender Warba Bank, in a separate bourse filing, said its contribution to the three-year loan was KD14 million, for which Warba expects to receive KD1.5 million in revenues and fees that will be reflected in its third-quarter results. -Reuters