Ineos Enterprises tables term loan B; Tricor/Vistra U.S. and euro term loan talk surfaces

By Sara Rosenberg

New York, March 20 – In the primary market on Monday, Ineos Enterprises Holdings Ltd. withdrew its U.S. and euro term loan B from syndication due to the recent volatility.

Also, Tricor/Vistra (Thevelia (US) LLC) released price talk on its U.S. and euro incremental senior secured first-lien covenant-lite term loan B.

Ineos pulled

Ineos Enterprises shelved its €820 million equivalent U.S. and euro seven-year senior secured term loan B (BB) since the company was in “no rush to price in a volatile market”, a market source said. The split of U.S. and euro term loan debt was still to be determined.

Talk on the U.S. term loan was SOFR+10 basis points CSA plus 400 bps to 425 bps with a 0% floor and an original issue discount of 98.5, and talk on the euro term loan was Euribor plus 425 bps to 450 bps with a 0% floor and a discount of 98.5. Both term loans were being offered with 101 soft call protection for six months.

Barclays was the global coordinator on the U.S. loan, and Barclays, MUFG and NatWest were the joint global coordinators and physical bookrunners on the euro loan. ABN Amro, Banco Santander, Fifth Third and JPMorgan were mandated lead arrangers. Barclays was the administrative agent.

The term loan debt was going to 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.

Ineos Enterprises is a specialty and commodity chemical producer based in the United Kingdom.

Tricor guidance

Tricor/Vistra came out with talk of SOFR/Euribor plus 475 bps with a 0% floor, an original issue discount of 96 to 97 and 101 soft call protection for six months on its $1.66 billion equivalent U.S. and euro incremental senior secured first-lien covenant-lite term loan B (B2//BB+) due June 2029, a market source remarked.

The incremental term loan B debt may also include Hong Kong dollar tranches.

Goldman Sachs is the lead arranger and sole left lead bookrunner on the deal that launched with a lender call on Friday. Barclays, Deutsche Bank Securities Inc., HSBC Securities, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole, Morgan Stanley Senior Funding Inc., MUFG and Nomura are lead arrangers and joint bookrunners.

Commitments are due on March 28 and allocations are expected on March 29.

The term loan debt will support the merger of Tricor, which was acquired by Baring Private Equity Asia (BPEA) in 2021, and Vistra, which was acquired by BPEA in 2015, and to prepay Vistra’s existing first-lien term loan Bs.

Existing Vistra term loan B lenders can vote to register for cashless roll into the incremental term loan.

Tricor is a Hong Kong-based business expansion specialist. Vistra is a Hong Kong-based fund administrator and corporate service provider.

Confluent allocates

Confluent Health LLC allocated on Friday its non-fungible $125 million incremental term loan (B3/B-) due November 2028, according to a market source.

Pricing on the term loan is not being disclosed as it was more of a club execution than a broad syndication effort, the source said.

Macquarie Capital (USA) Inc. is leading the deal that will be used to fund an acquisition.

Confluent Health is a Louisville, Ky.-based outpatient physical therapy provider.

Fund flows

In other news, actively managed loan fund flows on Friday were negative $270 million and loan ETFs were negative $85 million, market sources said.

Outflows for loan funds year-to-date total $6.9 billion, sources added.

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