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Ineos Quattro sets talk in €800 million equivalent dollar, euro notes offering; pricing Thursday
By Paul A. Harris
Portland, Ore., Nov. 8 – Ineos Quattro Finance 2 plc set price talk in its €800 million equivalent two-part offering of senior secured notes due March 2029 (Ba3/BB/BB+), according to market sources.
A tranche of dollar-denominated notes is talked to yield in the 9¾% area. A tranche of euro-denominated notes is talked to yield 8½% to 8¾%.
Tranche sizes remain to be determined.
The deal is set to price on Thursday.
The notes in both tranches become subject to initial calls in two years at par plus 50% of the respective coupons.
Goldman Sachs is the lead for both tranches of notes. HSBC and ING are joint physical bookrunners for the euro-denominated notes.
The London-based chemicals company plans to use the proceeds plus €2 billion equivalent of new term loans to partially refinance its dollar- and euro-denominated term loans B due 2026 and to fund an acquisition.
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