Kuwait’s Equate Petrochemical sets initial talk for dollar benchmark notes due 2022, 2026

By Christine Van Dusen

Atlanta, Oct. 26 – Kuwait's Equate Petrochemical Co. KSCC set initial talk for a two-tranche offering of benchmark-sized and dollar-denominated notes due in five and 10 years, a market source said.

The long five-year notes, due in March 2022, were talked at a spread in the low-200 basis points area over mid-swaps. The 10-year notes were talked at a spread of high-200 bps to 300 bps over mid-swaps.

Citigroup, HSBC, JPMorgan and NBK Capital are the global coordinators and joint bookrunners. Banca IMI, Mizuho Securities, MUFG and SMBC Nikko are also joint bookrunners for the Rule 144A and Regulation S deal.

Pricing is expected to take place on Thursday.

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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