Today's LIBOR Rates
July 28, 2010
1 M |
0.31563 |
 |
3 M |
0.47500 |
|
6 M |
0.68794 |
|
1 YR |
1.06438 |
|
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GFH Obtains LIBOR-Based Financing |
February 11, 2010
According to Reuters, Gulf Finance House (GFH), a Bahrain bank, has negotiated a new credit facility with rates based on LIBOR, the London Interbank Offered Rate. LIBOR is a filtered average of rates that banks pay each other for short-term, unsecured loans.
The new $100 million credit facility replaces the unpaid portion of a previous $300 million facility. Term is six months. Interest on the facility is LIBOR plus 500 points (5%). GFH negotiated its new LIBOR-based loan with a syndicate of 32 financial institutions. Recent real estate downturns in the Gulf have hit the Bahrain bank. Despite securing its new LIBOR-based financing, Standard and Poor’s has downgraded GFH to “SD/SD” (selective default).