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Ineos calls $300 million of 8 3/8% notes, all floaters due 2019
New York, March 2 – Ineos Finance plc said it will redeem $300 million of its $1 billion outstanding 8 3/8% senior secured notes due 2019 and all of its euro-denominated floating-rate senior secured notes due 2019.
The company will pay 106.281% of par for the 8 3/8% notes and 102% of par for the floating-rate notes, according to notices from the company.
In each case, bondholders will also receive accrued interest.
Both redemptions will take place on April 1.
Both redemptions are also subject to a refinancing condition which requires that Ineos raise sufficient funds to repay the notes from a financing transaction.
Ineos will launch a €750 million equivalent seven-year senior secured term loan B on Tuesday, market sources told Prospect News on Monday.
Ineos is a London-based manufacturer of petrochemicals, specialty chemicals and oil products.
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