Equate builds bridge

24 February 2006

Equate Petrochemical Company, a joint venture of the local Petrochemical Industries Company (PIC) and the US' Dow Chemical Company, has approached four banks about providing a six-month $700 million bridge financing.

The four banks are: Citigroup, Gulf International Bank, HSBC and Societe Generale (SocGen). Each have been offered equal $175 million tickets. The margin ranges from 40-60 basis points. The preliminary information memorandum (PIM) on the long-term financing to fund Equate's planned Olefins II complex is due to be launched in mid-February. SocGen is acting as financial adviser on both deals (MEED 5:8:05).

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