News Releases

EQUATE Group Completes its Facilities’ Amendment and Extension Exercise
13 Dec 2018

Kuwait, 13 December 2018 -- The EQUATE Group, a global producer of petrochemicals, announced the successful completion of an amendment and extension exercise on its $1.9 billion Term Loan and $1 billion Revolving Credit Facility (“RCF”).

The Group worked with its existing relationship banks to extend the tenor on its Term Loan and RCF by 2 years. The Term Loan maturity has been extended from June 2021 to June 2023 and the RCF maturity has been extended from June 2020 to June 2022. The RCF has two further extension options.

The EQUATE Group CFO Dawood Al-Abduljalil said, “We are very pleased to successfully and efficiently complete this amendment and extension exercise. We are especially proud of our great banking relationships and the EQUATERs without whom this exercise would not have completed”. 

Through this tenor extension exercise, the Group has been able to take advantage of strong bank market conditions to optimize its maturity profile. Furthermore, the Group has also been able to achieve considerable pricing reduction.

The EQUATE Group appointed Citi and SMBC as Coordinators to assist in running the amendment and extension exercise. The banks on the transaction include:

Coordinators:

  • Citi
  • SMBC

Bookrunners and Mandated Lead Arrangers:

  • BTMU
  • Citi
  • FAB
  • Mizuho
  • SMBC

Mandated Lead Arrangers:

  • National Bank of Kuwait
  • Kuwait Finance House

Lead Arrangers:

  • HSBC
  • Intesa
  • JP Morgan

About EQUATE Group:

The EQUATE group (comprising EQUATE Petrochemical Company K.S.C.C., its subsidiaries, and The Kuwait Olefins Company K.S.C.C.) (the “EQUATE Group” or the “Group”) is a global producer of petrochemicals and the world’s second largest producer of ethylene glycol (EG). The Group owns and operates industrial complexes in Kuwait, North America and Europe that annually produce over 6 million tons of ethylene, EG, polyethylene (PE), polyethylene terephthalate (PET), styrene monomer (SM), paraxylene (PX), heavy aromatics (HA) and benzene (BZ). The Group’s products are marketed throughout Asia, the Americas, Europe, the Middle East and Africa. The EQUATE Group’s shareholders include Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). Employing more than 1,500 people worldwide, the EQUATE Group is a leading enterprise that pursues sustainability wherever it operates through partnerships in fields that include the environment, economy and society. Visit www.equate.com for more information.

Disclaimer. This press release is for information only. EQUATE Group does not make any representation regarding, and assumes no responsibility or liability (however arising and regardless of nomenclature) for, the accuracy or completeness of, or any errors or omissions in, any information contained in the release and assumes no obligation to update any information. Nothing in this press release shall be considered or in any way construed as an offering of, or an invitation to subscribe in, securities.

For inquiries:

Ali Al-Hamad

alhamaay@equate.com

+965 97228611

Diana Kaadan

dkaadan@impactecho.com

+965 95553867

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