Gemini HDPE tightens discount on $420 million term loan B to 99½

By Sara Rosenberg

New York, July 23 – Gemini HDPE LLC modified the original issue discount on its $420 million seven-year senior secured term loan B (Ba2/B+) to 99½ from 99, according to a market source.

Pricing on the loan remains Libor plus 375 basis points with a 1% Libor floor, and there is still 101 soft call protection for one year.

Recommitments were due at 5 p.m. ET on Wednesday, the source said.

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

Proceeds will be used to fund the construction and operation of a 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.

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 high-density polyethylene facilities in the world at completion with a capacity of 470,000 tonnes annually.

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