Ineos talks €1.03 billion equivalent dollar, euro five-year notes in 6% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., Feb. 11 - Switzerland-based Ineos Group Holdings SA set price talk for its €1,032,000,000 equivalent dual-currency offering of five-year senior notes (confirmed B3/existing B-), a syndicate source said on Tuesday.

The deal is coming in tranches of dollar-denominated notes and euro-denominated notes, both of which are talked to yield in the 6% area.

Tranche sizes remain to be determined.

Books were scheduled to close mid-morning, and the deal is set to price Tuesday.

Earlier guidance had the notes in both tranches coming in a low 6% yield context.

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

Barclays, BofA Merrill Lynch, Goldman Sachs and UBS are joint bookrunners.

The Rule 144A and Regulation S for life notes come with two years of call protection.

The specialty chemicals company plans to use the proceeds to repay its outstanding senior notes due 2016.

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