EQUATE SUKUK SPC LTD
ISIN: XS15644371997.4x oversubscription with an order book above US$ 3.7bnFirst and only Kuwait-based guaranteed Reg S Trust Certificate (Sukuk) issuance The sukuk structure is a combination of an Ijara (asset sale and lease back transaction) and commodity Murabaha (commodity purchased and sold on a deferred payment basis). At the time of sukuk issuance, the Issuer will issue certificates to investors and in return the Trustee will use no less than 52% of the issuance proceeds to purchase EQUATE's tangible assets (which will then be leased back to EQUATE) and no more than 48% of the proceeds to purchase commodities on a deferred payment. EQUATE will act as a lessee under the Ijara agreements and as purchaser under the Murabaha agreement. The rent from the leased assets will be used to pay periodic distribution. At the time of a dissolution event (such as sukuk maturity date or event of default), the Trustee will exercise its rights under the Purchase Undertaking to oblige EQUATE to purchase back the leased assets and under the Master Murabaha Agreement to pay the outstanding deferred sale price.