Ineos talks €645 million equivalent U.S. and euro loan at 98.5-99 OID

By Sara Rosenberg

New York, Oct. 2 – Ineos Enterprises Holdings Ltd. launched on Monday its fungible €645 million equivalent U.S. and euro senior secured add-on term loan B due July 7, 2030 (Ba3/BB/BB+) with original issue discount talk of 98.5 to 99, according to a market source.

Pricing on the U.S. add-on term loan is SOFR+10 basis points CSA plus 375 bps with a 0% floor, and pricing on the euro add-on term loan is Euribor plus 400 bps with a 0% floor, both in line with existing term loan B pricing.

The U.S. and euro term loans have 101 soft call protection until January 2024, which matches the call protection on the existing term loans.

Sizes of the U.S. and euro tranches are still to be determined.

Barclays is the sole bookrunner on the add-on U.S. term loan. Barclays, MUFG and NatWest Markets are joint physical bookrunners on the euro add-on term loan. Barclays is the administrative agent.

Commitments are due at 5 p.m. ET on Thursday for the U.S. term loan and at noon ET on Thursday for the euro term loan.

Proceeds will be used to refinance all of the company’s existing term loan A and euro term loan B debt due 2026 and to pay transaction fees and expenses.

Ineos Enterprises is a London-based specialty and commodity chemical producer.

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