(MENAFN) Kuwait's EQUATE Petrochemical Co has picked banks to assemble a USD6 billion loan, about half of which will be allocated to pay for its purchase of petrochemical firm MEGlobal from Dow Chemical.
EQUATE has picked JP Morgan Chase, Citigroup, HSBC, Kuwait Finance House and National Bank of Kuwait as arrangers for the loan, which will be also used to refinance EQUATE's existing debt and for general corporate purposes.
The USD6 billion loan would be one of the biggest corporate loans arranged in Kuwait in the past few years, which also offers more evidence that Gulf state-linked firms are looking to raise money from the capital markets.
Additionally, the financial institutes involved in the loan contract have sent invitations to other domestic and international banks to think through participating in it, according to experts and resources.
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