| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for Ineos US Finance LLC > News item |
Ineos lifts term loans, notes offerings to €2.6 billion equivalent
By Sara Rosenberg
New York, Feb. 8 – Ineos Group Holdings upsized its U.S. term loan B due February 2030, fungible add-on euro term loan B due November 2027, and U.S. and euro senior secured notes offering combination to a total of €2.6 billion equivalent from a total of €2 billion equivalent, according to a market source.
Also, price talk on the U.S. term loan was changed to SOFR+10 basis points CSA plus 375 bps from initial talk of SOFR plus 375 bps to 400 bps, and the original issue discount was revised to 99 from 98.5, the source said.
The U.S. term loan still has a 0% floor and 101 soft call protection for one year.
In addition, the original issue discount on the add-on euro term loan was tightened to 98 from talk in the range of 97 to 97.5, the source continued.
The euro term loan is still priced at Euribor plus 400 bps with a 0% floor and has 101 soft call protection until November 2023.
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.
Commitments continue to be due at 10 a.m. ET on Thursday, 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.