Equate Petrochemical revises talk for dollar benchmark notes due 2022, 2026

By Christine Van Dusen

Atlanta, Oct. 26 – Kuwait's Equate Petrochemical Co. KSCC revised 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 in the mid-swaps plus 212.5 basis points area after initial talk in the low-200 bps area.

The 10-year notes were talked in the mid-swaps plus 287.5 bps area, following initial talk of a spread in the high-200 bps to 300 bps.

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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