Ineos launches minimum $500 million, minimum €300 million term loans

By Sara Rosenberg

New York, Jan. 22 – Ineos Group Holdings was scheduled to hold a lender call at 10:30 a.m. ET on Monday and management meetings on Tuesday and Wednesday to launch a U.S. seven-year term loan B with a minimum size of $500 million and a euro seven-year term loan B with a minimum size of €300 million, according to a market source.

The company plans to raise €2 billion equivalent across the U.S. and euro term loan Bs and other five-year U.S. and euro secured debt.

Price talk on the U.S. term loan B is SOFR plus 375 basis points to 400 bps with a 0% floor and an original issue discount of 99, and talk on the euro term loan B is Euribor plus 400 bps to 425 bps with a 0% floor and a discount of 99, the source said.

Both term loans have 101 soft call protection for six months.

Barclays is the physical bookrunner on the U.S. term loan and a joint global coordinator. Barclays, Deutsche Bank and Santander are joint physical bookrunners on the euro term loan and joint global coordinators. Credit Agricole, Goldman Sachs and JPMorgan Chase Bank are joint global coordinators. ABN Amro, Commerzbank, ING, Intesa, KBC, Lloyds and NatWest are mandated lead arrangers. Barclays is the agent.

Commitments are due at noon ET on Jan. 30, the source added.

Proceeds will be used to refinance part of the company’s 2025 and 2026 maturities, for acquisition financing and to add cash to the balance sheet to prefund Project One.

Ineos US Finance LLC is the borrower on the U.S. term loan, and Ineos Finance plc is the borrower on the euro term loan.

Ineos is a chemical company.

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