Dow Chemical’s Kuwait Venture Said to Plan Up to $3 Billion Bond

Source: Bloomberg 9/27/2016, Location: Middle East

Kuwait’s Equate Petrochemical Co. has hired banks for a potential bond issue of as much as $3 billion, according to two people with knowledge of the deal.

The joint venture between Dow Chemical Co. and Kuwait’s state-owned Petrochemical Industries Co. mandated lenders including HSBC Holdings Plc, NBK Capital, JPMorgan Chase & Co. and Citigroup Inc. to arrange the sale of dollar-denominated securities, the people said, asking not to identified as the information isn’t yet public. The preferred tenor for the issue, which is expected in 2016, is five years, they said.

Countries across the six-nation Gulf Cooperation Council have been hit by a slump in oil in the past two years that has squeezed liquidity in the banking system, forcing government and quasi-sovereign entities to consider raising funds from international markets.

Equate’s latest fundraising plans follow a $5 billion syndicated loan taken by the company in June. Last year, the petrochemicals venture borrowed a $6 billion bridge loan to acquire MEGlobal from Dow Chemical and PIC, and to refinance some of Equate’s existing debt. Spokesmen for Equate and the four lenders declined to comment..


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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