Equate guides $700 million seven-year note to yield Treasuries plus 140 bps

By Rebecca Melvin

Concord, N.H., April 21 – Equate Petrochemical BV guided pricing on its $700 million of seven-year senior notes (expected ratings: Baa2/BBB/) to yield Treasuries plus 140 basis points, according to a market source.

Pricing was tightened from Treasuries plus 150 bps to 155 bps guidance and initial talk of Treasuries plus 170 bps area.

Equate Petrochemical Co. KSCC and Kuwait Olefins Co. KSCC are guarantors of the notes.

They are callable for a make whole premium of Treasuries plus 25 bps and then callable at par three months prior to maturity.

Citigroup, J.P. Morgan, MUFG and NBK Capital are the global coordinators, joint lead managers and joint bookrunners of the Rule 144A and Regulation S deal. They are joined by BNP Paribas, HSBC, Mizuho Securities, SMBC Nikko and Standard Chartered Bank as joint lead managers and joint bookrunners.

Equate is an Ahmadi, Kuwait-based petrochemical company that is 85% owned by Petrochemical Industries Co. and Dow Chemical.

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