Ineos Group revisions surface; Starwood Property accelerates deadline; Yum! trades higher

By Sara Rosenberg

New York, Nov. 2 – In the primary market, Ineos Group Holdings increased the size of its U.S. and its euro term loans twice during Wednesday’s session, firmed spreads at the low end of guidance and tightened original issue discounts.

Ineos Group lifted its five-year U.S. term loan B to $1.2 billion on Wednesday, not long after increasing it to $1 billion in the morning from an initial size of $750 million, and firmed pricing at SOFR plus 375 basis points, the low end of the SOFR plus 375 bps to 400 bps talk, according to a market source.

Furthermore, the company raised its five-year euro term loan B to €800 million from a revised amount in the morning of €650 million and an initial size of €400 million, and set pricing at Euribor plus 400 bps, the low end of the Euribor plus 400 bps to 425 bps talk, the source said.

Additionally, Starwood Property Mortgage LLC moved up the commitment deadline for its first-lien term loan B.

Meanwhile, in the secondary market, Yum! Brands Inc.’s term loan was a little stronger following the release of the company’s third quarter results.

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