Ineos sets talk on U.S. and euro 2018 term loan repricing with launch

By Sara Rosenberg

New York, Feb. 4 - Ineos came out with price talk on the repricing of its existing U.S. and euro senior secured covenant-light term loans due May 4, 2018 with its call on Tuesday, according to a market source.

The roughly $2,607,000,000 term loan due 2018 is talked at Libor plus 250 basis points to 275 bps with a 0.75% Libor floor and a par offer price, and the roughly €841 million term loan due 2018 is talked at Euribor plus 275 bps to 300 bps with a 0.75% floor and a par offer price, the source said.

Both tranches have 101 soft call protection for six months.

Commitments are due on Feb. 11, the source added.

Barclays and Bank of America Merrill Lynch are the joint global coordinators on the deal.

With the repricing, the company is also seeking an amendment to certain provisions of its credit agreement.

The repricing will take the U.S. term loan down from Libor plus 300 bps with a 1% Libor floor, and the euro term loan down from Euribor plus 325 bps with a 1% floor.

Ineos is a Switzerland-based manufacturer of petrochemicals, specialty chemicals and oil products.

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