May 12, 2020 / 3:05 PM / 12 days ago

UPDATE 1-Kuwait's Equate Petrochemical raises $1.6 bln via dual-tranche bonds

(Adds launch, final price guidance)

By Yousef Saba

DUBAI, May 12 (Reuters) - Kuwait’s Equate Petrochemical Company raised $1.6 billion through a dual-tranche bond offering on Tuesday, a document showed, in the first public issuance in international debt markets by a Gulf company since February.

The company sold $1 billion in five-year bonds with a 5% coupon and $600 million in 10-year bonds at 5.875%, a document from one of the banks leading the deal showed. Both tranches were 50 basis points tighter than the initial price guidance earlier on Tuesday.

Equate hired Citi, JPMorgan, MUFG, NBK Capital, First Abu Dhabi Bank, HSBC, Mizuho, SMBC Nikko and Banca IMI to arrange the deal.

Reporting by Yousef Saba; Editing by David Goodman

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