White & Case Advises EQUATE Petrochemical and Kuwait Olefins on US$500 Million Issuance of Trust Certificates
Global law firm White & Case LLP has advised EQUATE Petrochemical Company K.S.C.C. and The Kuwait Olefins Company K.S.C.C. on the US$500 million issuance of trust certificates by EQUATE Sukuk SPC Limited under its US$2 billion trust certificate issuance programme.
The trust certificates, which were issued in a single tranche maturing in 2024, were offered pursuant to Regulation S and are listed on the Irish Stock Exchange, and have a profit rate of 3.944 percent per annum.
"We advised on the establishment of the EQUATE group's conventional bond and Islamic programmes in 2016, which has now resulted in the largest-ever corporate Sukuk issued out of Kuwait," said Dubai-based White & Case partner Debashis Dey, who led the Firm's deal team. "We have now advised EQUATE across their conventional and Islamic programmes in the raising of US$2.75 billion."
Citigroup, HSBC, J.P. Morgan, KFH Capital Investment Company, MUFG Securities, Mizuho International, National Bank of Abu Dhabi, SMBC Nikko Capital Markets and Watani Investment Company acted as Joint Lead Managers on the offering of trust certificates.
The White & Case team in Dubai which advised on the transaction was led by partner Debashis Dey with support from associates Faris Al Amoudi, James Clarke, Sankalp Labroo and Adam Gao.
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