By Sarah Lizee
Olympia, Wash., May 18 – Kuwait’s Equate Petrochemical Co. KSCC priced its $1 billion of five-year bonds with a coupon of 5% and its $600 million of 10-year bonds with a coupon of 5 7/8%, according to two term sheets.
The coupons for the tranches had not previously been reported.
As previously reported, the bonds were sold at par through subsidiary MEGlobal Canada ULC, according to a notice.
Equate and Kuwait Olefins Co. KSCC are guarantors for the issue.
J.P. Morgan Securities plc, Citi, MUFG, NBK Capital, FAB, HSBC, Mizuho and SMBC Nikko are the bookrunners.
Equate is an Ahmadi, Kuwait-based petrochemical company that is 85% owned by Petrochemical Industries Co. and Dow Chemical.
| Issuer: | MEGlobal Canada ULC
|
| Guarantors: | Equate Petrochemical Co. KSCC and Kuwait Olefins Co. KSCC
|
| Issue: | Fixed-rate notes
|
| Amount: | $1.6 billion
|
| Bookrunners: | J.P. Morgan Securities plc, Citi, MUFG, NBK Capital, FAB, HSBC, Mizuho and SMBC Nikko
|
| Listing: | Euronext Dublin
|
| Settlement date: | May 18
|
|
|
| Five-year bonds
|
| Amount: | $1 billion
|
| Maturity: | Five years
|
| Coupon: | 5%
|
| Price: | Par
|
|
|
| 10-year bonds
|
| Amount: | $600 million
|
| Maturity: | 10 years
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
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