(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Dec 13 (KUNA) -- The EQUATE Group, a global producer of petrochemicals, on Thursday announced the successful completion of an amendment and extension exercise on its $1.9 billion Term Loan and $1 billion Revolving Credit Facility ("RCF").
The Group worked with its existing relationship banks to extend the tenor on its Term Loan and RCF by two years. The Term Loan maturity has been extended from June 2021 to June 2023 and the RCF maturity has been extended from June 2020 to June 2022. The RCF has two further extension options.
The EQUATE Group CFO Dawood Al-Abduljalil said, "We are very pleased to successfully and efficiently complete this amendment and extension exercise. We are especially proud of our great banking relationships and the EQUATERs without whom this exercise would not have completed". Through this tenor extension exercise, the Group has been able to take advantage of strong bank market conditions to optimize its maturity profile. Furthermore, the Group has also been able to achieve considerable pricing reduction.
The EQUATE Group appointed Citi and SMBC as Coordinators to assist in running the amendment and extension exercise. (end) rk
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