| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for Ineos Finance plc > News item |
Ineos to launch U.S. and euro term loans on Friday; refinancing to include other secured debt
By Sara Rosenberg
New York, Feb. 2 – Ineos Group Holdings is scheduled to hold a lender call at 9:30 a.m. ET on Friday to launch a new U.S. term loan B due February 2030 and a fungible add-on euro term loan B due November 2027, according to a market source.
The company will raise €2 billion equivalent between the term loans and other secured debt, the source said.
Barclays is the active bookrunner on the U.S. loan, and Barclays, BNP Paribas Securities Corp. and Citigroup Global Markets Inc. are the joint global coordinators and active bookrunners on the euro loan. Goldman Sachs, HSBC and ING are joint global coordinators. China Construction Bank, Credit Agricole, First Abu Dhabi, Industrial and Commercial Bank of China, Mizuho, MUFG and Santander are passive bookrunners. Barclays is the administrative agent.
Price talk on the U.S. term loan is SOFR plus 375 basis points to 400 bps with a 0% floor and an original issue discount of 98.5, and talk on the add-on euro term loan is Euribor plus 400 bps with a 0% floor and a discount of 97 to 97.5, the source continued.
The U.S. term loan has 101 soft call protection for one year, and the add-on euro term loan has 101 soft call protection until November 2023.
Expected term loan ratings are Ba2/BB/BBB-.
Commitments are due at 10 a.m. ET on Feb. 9, the source added.
Proceeds will be used to repay the company’s remaining U.S. and euro term loan Bs due 2024 and for general corporate purposes.
The U.S. borrower is Ineos US Finance LLC, and the euro borrower is Ineos Finance plc.
Ineos is a London-based chemicals company.
© 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.