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S&P rates Gemini HDPE loan BB
S&P said it assigned a preliminary BB rating with a 3 recovery rating to Gemini HDPE LLC’s $600 million term loan and placed the rating on CreditWatch with negative implications. The 3 recovery rating indicates a forecast of meaningful (50%-70%, rounded estimate: 60%) recovery of principal in default.
Gemini’s parent, Ineos Group Holdings SA is seeking to refinance the $420 million term loan facility and upsize with a new $600 million term loan B to acquire Sasol Ltd.'s 50% stake in Gemini. Ineos will be the sole owner and guarantor of toll obligations of Gemini.
The tolling agreement expires in 2027 but will be extended to 2035 with the acquisition, S&P said.
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