Ineos plans to seek consents for 'significant' senior debt repayment

By Jennifer Chiou

New York, March 17 – Ineos Group Ltd. said it plans to seek consent from holders of a majority of Ineos Group Holdings plc's existing high-yield bonds by the end of the week to move forward with its proposal to make a significant prepayment of its senior debt.

The company plans to use proceeds from a roughly €1 billion issue of new senior secured high-yield notes and term loans for the prepayment.

Ineos also needs approval from senior lenders.

The Lyndhurst, England-based chemical company also noted that the prepayment proposal would reinforce its financial position as trading results improve and, together with recent divestments and other self help activity, is the next step in the company's plan to further improve liquidity and reduce risk.

The company additionally said it confirmed plans to refinance a significant proportion of its senior term loan debt at par.

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