By Mary-Katherine Stinson
Lexington, Ky., Feb. 8 – Ineos Holdings Ltd. announced that its indirect wholly owned subsidiary, Ineos Finance plc, completed a two-part offering of five-year senior secured notes on Feb. 7, according to a company notice.
Ineos sold $725 million aggregate principal amount of 7½% senior secured notes due 2029 and €850 million aggregate principal amount of 6 3/8% senior secured notes due 2029.
The company intends to use a portion of the proceeds from the offering, together with a portion of the proceeds from additional secured term loan borrowings totaling $500 million and €425 million, to refinance €1,047,900,000 of existing senior secured notes.
Additionally, Ineos Finance plc intends to use a portion of the notes and loans proceeds to pay $700 million for the acquisition of LyondellBasell’s ethylene oxide and derivatives business and €400 million for an Ineos affiliate’s and TotalEnergies’ cracker and derivative assets in Lavera, France, for general corporate purposes, including to prefund Project ONE (Ineos Group’s major capital investment in Antwerp, Belgium) and to pay transaction fees and expenses.
The issuer is a London-based conglomerate.
| Issuer: | Ineos Finance plc
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| Issue: | Senior secured notes
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| Maturity: | 2029
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| Settlement date: | Feb. 7
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| Announcement date: | Feb. 8
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| Dollar notes
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| Amount: | $725 million
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| Coupon: | 7½%
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| Euro notes
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| Amount: | €850 million
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| Coupon: | 6 3/8%
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