Ineos issues redemption notice for two series, conditional on loans

By William Gullotti

Buffalo, N.Y., Oct. 29 – Ineos Group Holdings SA issued conditional redemption notices for two series of senior notes due 2024, contingent on securing approximately €1.08 billion in term loans, according to multiple notices on Friday.

The simultaneous notices were for all outstanding €650 million 5 3/8% senior notes (XS1405769560, XS1405769990) and $500 million 5 5/8% senior notes (US44986UAD19, USL5078PAH03).

The redemptions are dependent on subsidiaries Ineos US Finance LLC and Ineos Finance plc securing approximately €1.08 billion of term loans.

If the financing condition is satisfied, both series of notes will be redeemed at par plus accrued interest from Aug. 1 until and including Nov. 8, with the redemption date scheduled for Nov. 9.

If the financing condition is not satisfied or waived by Nov. 8, the scheduled Nov. 9 redemption date may be postponed until no later than Dec. 28.

Noteholders of either series must surrender their notes in definitive form to Bank of New York, London Branch to collect the redemption payment.

Ineos is a London-based chemicals company.

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