Ineos tightens talk on $678 million and €350 million 5.25-year notes, drops seven-year tranche

By Paul A. Harris

Portland, Ore., May 2 - Swiss chemical producer Ineos Group Holdings SA upsized and restructured its offering of 5.25-year senior notes (Caa1/B-) and tightened yield talk on Thursday, according to a syndicate source.

In the dollar-denominated tranche, $678 million of the notes are talked to yield in the 6 1/8% area, a downward revision of previous talk in the 6 3/8% area.

In a euro tranche that was added to the deal earlier in the week, Ineos upsized the euro-denominated 5.25-year notes to €350 million from €250 million and tightened talk to 6½% from previous talk in the 6¾% area.

A proposed tranche of seven-year notes has been withdrawn from the transaction.

The deal is set to price Thursday.

Joint global coordinator Citigroup Global Markets will bill and deliver for the dollar-denominated notes.

Joint global coordinator Goldman Sachs will bill and deliver for the euro-denominated notes.

Additional syndicate members for all tranches of the Rule 144A and Regulation S for life deal include joint global coordinator UBS, as well as joint bookrunners BofA Merrill Lynch, Barclays, ING and Lloyds TSB.

Ineos plans to use the proceeds to take out its dollar-denominated 8½% notes due 2016. Additional proceeds expected to result from the added €350 million tranche of 5.25-year notes will be used to take out a portion of the euro-denominated 8½% notes due 2016.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.