EQUATE Petrochemical K.S.C.C. (EQUATE) and the Kuwait Olefins Company K.S.C.C.’s $2.25 billion Notes Offering

White & Case LLP has advised EQUATE Petrochemical K.S.C.C. (EQUATE) and the Kuwait Olefins Company K.S.C.C. (TKOC) on the establishment of their inaugural US$4 billion Global Medium Term Note Programme and the issuance thereunder by EQUATE Petrochemical B.V. of US$2.25 billion of notes in aggregate which are guaranteed by EQUATE and TKOC.

The notes, which were issued in two tranches maturing in 2022 and 2026, were offered pursuant to Rule 144A and Regulation S and are listed on the Irish Stock Exchange, and have respective coupons of three percent and 4.25 percent per annum.

Net proceeds from the sale of the notes will be used for EQUATE’s general corporate purposes, including refinancing its existing indebtedness. Banca IMI, Citigroup, HSBC, ICBC Standard Bank plc, ING Bank N.V., London Branch, J.P. Morgan, Mizuho Securities, MUFG, National Bank of Abu Dhabi P.J.S.C., NBK Capital, SMBC Nikko and Watani Investment Company K.S.C.C. acted as Managers on the notes offering.

The White & Case team which advised on the transaction was led by partner Debashis Dey (Picture) and included partners Melissa Butler (London) and Shibeer Ahmed (Dubai), with support from associates Anna Leung, Faris Al Amoudi, Sankalp Labroo, Adam Gao (all Dubai), Paul Gallup and Bree Peterson (both London). Abdullah Alharoun of International Counsel Bureau advised EQUATE and TKOC on Kuwaiti law aspects.

Involved fees earner: Debashis Dey – White & Case; Melissa Butler – White & Case; Anna Leung – White & Case; Faris Al Amoudi – White & Case; Sankalp Labroo – White & Case; Adam Gao – White & Case; Paul Gallup – White & Case; Bree Peterson – White & Case;

Law Firms: White & Case;

Clients: EQUATE Petrochemical K.S.C.C.; Kuwait Olefins Company K.S.C.;