Ineos sets price talk for €700 million equivalent five-year notes

By Paul A. Harris

St. Louis, May 4 - Ineos Finance plc set price talk for its €700 million equivalent offering of five-year senior secured notes (B2/expected B-) on Tuesday, according to an informed source.

A $585 million tranche is talked to yield 9% to 9¼%. A €250 million tranche is talked to yield 9¼% to 9½%.

Books closed late Tuesday for the dollar-denominated notes.

The books are scheduled to close 5 a.m. ET Wednesday for the euro-denominated notes.

Barclays Capital and JPMorgan are the joint physical bookrunners for the Rule 144A and Regulation S for life notes.

Citigroup and Morgan Stanley are the joint bookrunners.

The notes, which rank pari passu with the company's first-lien bank debt, come with three years of call protection.

Proceeds will be used to refinance the company's first-lien term loans.

Ineos is a Lyndhurst, England-based manufacturer of specialty petrochemicals.

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