Gemini HDPE readies launch of $420 million term loan B for Wednesday

By Sara Rosenberg

New York, July 7 – Gemini HDPE LLC is scheduled to hold a bank meeting at 10 a.m. ET on Wednesday to launch a $420 million seven-year senior secured term loan B, according to a market source.

Barclays and Citigroup Global Markets Inc. are the bookrunners on the deal.

Proceeds will be used to fund the construction and operation of a world scale, high-density polyethylene plant at the existing Ineos Battleground Manufacturing Complex in La Porte, Texas, to provide debt service during construction, and to pay related fees and expenses, the source said.

Gemini HDPE is a 50/50 joint venture between Ineos Gemini HDPE Holding Co. LLC and Sasol Chemicals North America.

The company will be one of the largest bimodal HDPE facilities in the world at completion with a capacity of 470,000 tonnes annually.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.