EQUATE wins Deal of the Year Middle East award
KUWAIT: The EQUATE Group, a global producer of petrochemicals, earned regional recognition by receiving the Investment Grade Bond/Sukuk Deal of the Year Award at the 2017 GFC Media Middle East Awards 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-term financial restructuring plan following the acquisition of MEGlobal in December 2015.
Phisanu Sermchaiwong, EQUATE’s Chief Financial Officer, commented on the recognition, “The award is a testament to EQUATE’s strong global status and financial position, as well as its significant contribution to the regional and international industrial sector, and debt capital markets (DCM). The
Group’s strong position is further supported by investment-grade rating of Baa2 from
Moody’s and BBB+ from Standard &
Poor’s. We are very grateful to the financial community for this prestigious recognition of
EQUATE’s achievements in the financial sector.”
EQUATE’s two-time oversubscribed bonds were the largest issuance by the private sector in the Arabian Gulf since 2014. The bonds are also the first ever 144A offering that was issued by a Kuwait-based corporation. The success of EQUATE’s bonds was followed by an international issuance of $500 million Sukuk (Islamic bonds) in February 2017 with a maturity date in 2024.