DUBAI- Kuwait's Equate Group said on Thursday it had amended and extended $2.9 billion in bank debt split between a $1.9 billion term loan and a $1 billion revolving credit facility.
The petrochemicals producer extended by two years its term loan, to 2023 from the existing 2021 maturity, while the maturity of the revolving loan was extended to June 2022 from June 2020.
The revolving loan has two further extension options.
"The group has been able to take advantage of strong bank market conditions to optimise its maturity profile," the company said in a statement.
Equate also reduced the cost of the loans.
Citi and SMBC were appointed as coordinators for the loans' amendment and extension. Other banks involved in the transaction included MUFG, First Abu Dhabi Bank, and Mizuho.
(Reporting by Davide Barbuscia; editing by Jason Neely) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: firstname.lastname@example.org))