Gemini HDPE launches $420 million term loan B at Libor plus 375 bps

By Sara Rosenberg

New York, July 9 – Gemini HDPE LLC launched its $420 million seven-year senior secured term loan B on Wednesday with price talk of Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

Commitments are due on July 22.

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.

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