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Ineos sets price talk on €820 million equivalent U.S. and euro loan
By Sara Rosenberg
New York, March 8 – Ineos Enterprises Holdings Ltd. released price talk on its €820 million equivalent U.S. and euro seven-year senior secured term loan B (BB) in connection with its lender call, according to a market source.
The U.S. term loan is talked at SOFR+10 basis points CSA plus 400 bps to 425 bps with a 0% floor and an original issue discount of 98.5, and the euro term loan is talked at Euribor plus 425 bps to 450 bps with a 0% floor and a discount of 98.5, the source said.
Both term loans have 101 soft call protection for six months.
The split of U.S. and euro term loan debt is to be determined.
Barclays is the global coordinator on the U.S. loan, and Barclays, MUFG and NatWest are the joint global coordinators and physical bookrunners on the euro loan. ABN Amro, Banco Santander, Fifth Third and JPMorgan are mandated lead arrangers. Barclays is the administrative agent.
Commitments for the U.S. term loan are due at 5 p.m. ET on March 20, and commitments for the euro term loan are due at 7 a.m. ET on March 21.
Proceeds will be used to fund the €720 million acquisition of MBCC Group’s Admixture business, a producer of concrete additives essential for the construction industry, from Sika AG, to refinance €72 million of drawings under the company’s securitization facility, to pay related transaction fees and to retain additional liquidity.
Closing on the acquisition is expected in the first half of this year, subject to regulatory approvals.
Ineos Enterprises Holdings US Finco LLC is the U.S. borrower and Ineos Enterprises Holdings II Ltd. is the euro borrower.
Ineos Enterprises is a specialty and commodity chemical producer based in the United Kingdom.
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