Ineos Styrolution shifts funds between U.S. and euro term loans

By Sara Rosenberg

New York, Nov. 2 – Ineos Styrolution Group GmbH downsized its U.S. term loan B due 2024 to $329 million from $417 million and upsized its euro term loan B due 2024 to €447 million from €372 million, according to a market source.

Also, pricing on the U.S. loan was set at Libor plus 200 basis points, the low end of the Libor plus 200 bps to 225 bps talk, and the issue price firmed at par, the tight end of the 99.75 to par talk, the source said.

In addition, the floor on the euro term loan finalized at 0.5%, the low end of the 0.5% to 0.75% floor, and the issue price was set at par, the tight end of the 99.75 to par talk.

The U.S. loan still has a 0% Libor floor and pricing on the euro loan remained at Euribor plus 200 bps.

Bank of America Merrill Lynch is the left lead on the U.S. loan and Credit Suisse is the left lead on the euro loan.

Proceeds will be used to refinance existing term loans.

Commitments were due at 1 p.m. ET on Thursday.

Ineos Styrolution is a Frankfurt, Germany-based styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties.

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