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Kuwaiti petchems JV Equate has tied up a $500mn debut sukuk, the first issue approved by Kuwait’s Capital Market Authority under new legislation.
Abdulaziz al-Marzouq, CEO of local book runner KFH Capital says the issuance was seven times oversubscribed with an order book of $3.7bn. The seven-year sukuk is priced at Libor mid-swaps +3.944 and will mature in February 2024.
Global coordinators were Citigroup, JP Morgan, HSBC, Kuwait’s NBK Capital and KFH Capital.
‘Equate Sukuk,’ the special purpose company created for the issue, will use no less than 52% of the proceeds to purchase Equate’s tangible assets – which will then be leased back to Equate – and use no more than 48% of the proceeds to purchase commodities under deferred payment terms.
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