Commentary & Deal Flow

EQUATE Petrochemical B.V. a fully and directly-owned subsidiary of EQUATE Petrochemical Company K.S.C.C. (“EQUATE”), rated Baa2 (Stable) by Moody’s and BBB (Stable) by S&P, has mandated Citi, J.P. Morgan, MUFG and NBK Capital as Global Coordinators to arrange a series of fixed income investor calls across Asia, Europe and the United States commencing on 19 April 2021 BNP Paribas, HSBC, Mizuho, SMBC Nikko and Standard Chartered Bank together with the Global Coordinators are mandated as Joint Lead Managers and Joint Bookrunners.

EQUATE, 85% owned by Petrochemical Industries Company (“PIC”) and Dow Inc. (through its subsidiary “Dow Europe Holding B.V.”) with equal shareholding, is a global producer of essential chemical compounds and, together with The Kuwait Olefins Company K.S.C.C. (“TKOC”), is the largest producer of petrochemical products in Kuwait. PIC is a wholly-owned subsidiary of Kuwait Petroleum Corporation, which is in turn wholly-owned by the Government of Kuwait. Dow Inc. is a global leader in the petrochemicals space.

A 144A / RegS US$ benchmark transaction, consisting of a 7-year conventional bond (the “New Notes”), will follow in the near future, subject to market conditions. The New Notes will be issued under the U.S.$4,000,000,000 Global Medium Term Note Programme established by EQUATE Petrochemical B.V. with EQUATE and TKOC acting as guarantors.