Kuwaiti petchems producer Equate has secured a $6bn one-year bridge loan to fund the $3.2bn purchase of the MEGlobal petchems JV from Dow Chemical and state firm PIC. The rest will pay off project debt and free up cash for general corporate purposes.

Equate will pay 60 basis points over Libor and has picked JP Morgan Chase, Citigroup, HSBC, Kuwait Finance House and the National Bank of Kuwait as arrangers, Reuters says. (CONTINUED - 306 WORDS)