Kuwait’s Equate Petrochemical sets size at $750 million, tenor at seven years for sukuk

By Christine Van Dusen

Atlanta, Feb. 7 – Kuwait’s Equate Petrochemical Co. KSCC set the size at $750 million and the tenor at seven years for its offering of Islamic bonds, a market source said.

Citigroup, HSBC, JPMorgan, KFH Capital and NBK are the global coordinators and – with Mizuho, MUFG, National Bank of Abu Dhabi and SMBC Nikko – joint bookrunners for the deal.

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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