By Paul A. Harris
Portland, Ore., Oct. 22 – Ineos priced a downsized €325 million issue of senior secured notes due March 31, 2026 (Ba2/BB+/BBB-) at par to yield 3 3/8% on Thursday, according to market sources.
The issue size decreased from €350 million, with €25 million of proceeds shifted to the concurrent term loan, increasing the loan size to €375 million from €350 million.
The yield printed in the middle of the 3¼% to 3½% yield talk.
Joint global coordinator Credit Suisse will bill and deliver. BofA and Deutsche Bank were also joint global coordinators. Additional bookrunners were BNP Paribas, Lloyds and Santander.
The notes were sold via Ineos Finance plc.
The London-based supplier of petrochemicals and specialty chemicals plans to use the proceeds for general corporate purposes.
| Issuer: | Ineos Finance plc
|
| Amount: | €325 million
|
| Maturity: | March 31, 2026
|
| Securities: | Senior secured notes
|
| Joint global coordinators: | Credit Suisse (bill and deliver), BofA and Deutsche Bank
|
| Joint bookrunners: | BNP Paribas, Lloyds and Santander
|
| Coupon: | 3 3/8%
|
| Price: | Par
|
| Yield: | 3 3/8%
|
| Spread: | 416 bps
|
| Call protection: | Two years
|
| Trade date: | Oct. 22
|
| Settlement date: | Oct. 29
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3¼% to 3½%
|
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|
| Marketing: | Roadshow
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