Styrolution releases talk on €1.6 billion equivalent term loan B

By Sara Rosenberg

New York, July 16 – Styrolution set price talk on its €1.6 billion equivalent seven-year U.S. and euro term loan B that was presented to U.S. investors with a bank meeting in New York on Wednesday, according to market sources.

A bank meeting for European investors will take place in London on Thursday.

The U.S. portion of the loan is talked at Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99½, and the euro portion of the loan is talked at Euribor plus 350 bps to 375 bps with a 1% floor and a discount of 99½, sources said.

All of the term loan B debt has 101 soft call protection for six months and amortization of 1% per annum.

Commitments are due on July 29, sources added.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Barclays, HSBC and J.P. Morgan Securities LLC are the lead banks on the deal, with Citigroup the left lead on the U.S. portion and Credit Suisse the left lead on the euro portion.

Proceeds will be used to help fund Ineos’ acquisition of BASF SE’s 50% share in Styrolution so that it will become a wholly owned, stand-alone company within Ineos, and to refinance existing debt.

Styrolution is a Frankfurt, Germany-based styrenics supplier.

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