Ineos Styrolution gives final pricing on downsized term loan B

Chicago, Jan. 22 – Ineos Styrolution US Holding LLC and Ineos Styrolution Group GmbH gave final pricing on their dual-tranche term loan B, according to a market source.

The dollar-denominated $202 million term loan held steady from Tuesday’s talk of Libor plus 200 basis points with a 0% Libor floor at par.

The euro-denominated portion was downsized to €450 million from €500 million with tightened final talk at Euribor plus 200 bps with a 0.5% Euribor floor at par. Talk on Tuesday had the loan at Euribor plus 200 bps to 225 bps with an original issue discount of 99.75 to par and a 0% Euribor floor.

The total deal was upsized by €50 million to €1,232,000,000 and includes an upsized €600 million offering of seven-year senior secured notes.

HSBC is the left lead on the U.S. term loan, and BNP Paribas is the left lead on the euro term loan. Barclays is the administrative agent.

Proceeds will be used to refinance existing debt and fund a dividend. Additional proceeds from the upsizing will be used to increase the shareholder distribution.

The commitment deadlines for the loans were Wednesday morning.

Ineos Styrolution is a Germany-based styrenics supplier.

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