Kuwait’s Equate Petrochemical Company has hired banks for a potential bond issue of as much as USD3bn. The JV between Dow Chemical and Kuwait’s state owned Petrochemical Industries has mandated local (NBK Capital) and international banks to arrange the sale of the dollar denominated bond. The preferred tenor for the issue, which is expected to be issued in 2016, is five years. Equate’s latest fundraising plans follow a USD5bn syndicated loan taken by the company in June. Last year, the petrochemicals venture borrowed a USD6bn bridge loan to acquire MEGlobal from Dow Chemical and PIC, and to refinance some of Equate’s existing debt. (Bloomberg)