Equate Group Completes Its Facilities’ Amendment and Extension Exercise

Press release
Published December 13th, 2018 - 01:01 GMT
The EQUATE Group CFO Dawood Al-Abduljalil
The EQUATE Group CFO Dawood Al-Abduljalil

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

Background Information

EQUATE Petrochemical Company

Established in 1995, EQUATE is a global producer of petrochemicals which participates in the creation of a better world, by providing reliable services and solutions, enabling global customers and stakeholders to grow and attain the success they seek. EQUATE’s shareholders are Petrochemical Industries Company (PIC), The Dow Chemical Company (Dow), Boubyan Petrochemical Company (BPC), and Qurain Petrochemical Industries Company (QPIC). 

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