Ineos gets consents to amend 2¼% senior secured notes due 2027

By Cady Vishniac

Detroit, Jan. 19 – Ineos Styrolution Group GmbH has received the requisite consents to amend its 2¼% senior secured notes due 2027 (ISINs: XS2108560306 and XS2108560645), according to a market release.

The amendments align the terms of the notes pertaining to a defined restricted group with the corresponding restricted group provisions in the term loan and revolving credit facility agreements the company entered into on July 31 and amended on Dec. 21.

Specifically, the amendment:

• Changes the treatment of joint ventures in which the restricted group holds an interest to better reflect the group’s size, scale and corporate structure, including changes made as a result of the acquisition of the aromatics and acetyls businesses of BP plc and the contribution of 94.9% of the shares of Inovyn Ltd. on Dec. 31;

• Facilitates the entry into short-term leasing arrangements of metals used by the restricted group in connection with the normal operation of its business;

• Changes the security principles under the indenture to reflect the difficulties of obtaining guarantees or granting or perfecting liens in the jurisdictions in which the company now has restricted subsidiaries as a result of the acquisitions; and

• Allows additional time to prepare the financial statements of Ineos Quattro Holdings Ltd. (formerly known as Ineos Styrolution Holding Ltd.) for 2020 and the first through third quarters of 2021 in light of the added reporting complexities brought on by the acquisitions, including to reflect the significant change in scope of the group at year-end.

The consent solicitation began on Jan. 11.

The information and tabulation agent was Lucid Issuer Services Ltd. (+44 207 704 0880, ineos@lucid-is.com).

The solicitation agents were Barclays (+44 20 3134 8515, eu.lm@barclays.com), HSBC Bank plc (+44 20 7992 6237, lm_emea@hsbc.com) and J.P. Morgan Securities plc (+44 20 7134 6525, liability_management_emea@jpmorgan.com).

Ineos is a styrene supplier headquartered in Frankfurt.

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