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Kuwait’s Equate Petrochemical seeks to sell dollar sukuk
By Christine Van Dusen
Atlanta, Jan. 6 – Kuwait’s Equate Petrochemical Co. KSCC is looking to print a dollar-denominated issue of Islamic bonds sometime during the early part of this year, a market source said.
Bookrunners for the deal have not yet been selected.
Other details were not immediately available on Friday.
In October the issuer priced $2.25 billion of senior notes in two tranches, with $1 billion 3% notes due 2022 pricing at 195 basis points over mid-swaps. A $1.25 billion tranche of 4¼% notes due 2026 priced at mid-swaps plus 270 bps.
Equate is 85% owned by Petrochemical Industries Co. and Dow Chemical and produces essential chemical compounds as the largest petrochemical complex in Kuwait.
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