EQUATE Wins Deal of the Year Middle East Award Through Kuwaits 1st $2.25 Billion 144A Bonds
The EQUATE Group, a global manufacturer of petrochemicals, earned regional acknowledgment by receiving the Investment Grade Bond/Sukuk Deal of the Year Award at the 2017 GFC Media Middle East Honors in Dubai.
The award was for EQUATE's debut issuance of $2.25 billion 144A and Reg S five-year and ten-year dual-tranche bond offering, which was issued during November 2016. The bond issuance is part of EQUATE's long-lasting financial restructuring strategy following the purchase of MEGlobal in December 2015.
Phisanu Sermchaiwong, EQUATE's Chief Financial Officer, talked about the acknowledgment, "The award is a testament to EQUATE's strong global status and monetary setting, as well as its considerable contribution to the regional and international industrial sector, and debt resources markets (DCM). The Group's strong setting is additionally supported by investment-grade ranking of Baa2 from Moody's and BBB+ from Requirement & Poor's. We are very happy to the financial community for this prestigious recognition of EQUATE's accomplishments in the financial sector.
EQUATEs two-time oversubscribed bonds were the largest issuance by the economic sector in the Arabian Gulf because 2014. The bonds are also the very first 144A offering that was provided by a Kuwait-based firm. The success of EQUATE's bonds was complied with by a worldwide issuance of $500 million Sukuk (Islamic bonds) in February 2017 with a maturity date in 2024.
The EQUATE Group * is a global producer of petrochemicals and the world's 2nd largest manufacturer of Ethylene Glycol (EG). The Group has commercial complexes in Kuwait, North America and Europe that yearly produce over 5 million tons of Ethylene, EG, Polyethylene (PE) and Polyethylene Terephthalate (PET DOG). The 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). The Group is a leading business that goes after sustainability anywhere it runs via partnerships in areas that consist of the atmosphere, economic situation and culture. www.equate.com.
* The EQUATE Group consists of EQUATE Petrochemical Company (RELATE), its subsidiaries and The Kuwait Olefins Company (TKOC).
Organized by the GFC Media Group, the Bonds, Financings and Sukuk Middle East Honors are the only awards to identify the very best entertainers between Eastern, Traditional and Islamic Funding Markets since 2010. The honors' option committee consists of the most prominent worldwide capitalists and experts in the banking and finance industry, renowned for excellence within their specialty and collectively bringing over a thousand years' experience in capital markets.
