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Ineos ups minimum sizes of secured notes offering to $600 million, €700 million; pricing Wednesday
By Paul A. Harris
Portland, Ore., Jan. 30 – Ineos Group increased the minimum sizes of the five-year senior secured notes tranches (Ba3/BB/BB+) in an upsized €2.1 billion equivalent bond and bank debt placement now in the market.
A $600 million minimum tranche of Ineos US Finance LLC notes is talked to yield 7½% to 7¾%, inside of the 7¾% to 8% initial guidance. The minimum size increased from $500 million. JPMorgan is the lead.
A €700 million minimum tranche of Ineos Finance plc notes is talked to yield in the 6½% area, at the tight end of the 6½% to 6¾% initial guidance. The minimum size increased from €400 million. Credit Agricole CIB, Goldman Sachs and JPMorgan are the leads.
Books close Wednesday morning, New York time, and the deal is set to price thereafter.
The notes in both Rule 144A and Regulation S tranches come with two years of call protection.
Proceeds plus $500 million minimum and €400 million minimum of term loans will be used to refinance a portion of up to €640 million of secured debt, also to fund the $700 million acquisition of LyondellBasell’s ethylene oxide and derivatives business, to provide €400 million for an Ineos affiliate’s and TotalEnergies’ cracker and derivative assets in Lavera, France, and for general corporate purposes, including to pre-fund Project ONE, Ineos Group’s major capital investment in Antwerp, Belgium.
The overall size of the debt placement increased from €2 billion equivalent. The incremental proceeds resulting from the €100 million equivalent upsize will be used to tender for additional bonds.
The prospective issuer is a London-based conglomerate.
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