By Paul A. Harris
Portland, Ore., Feb. 11 - Switzerland-based Ineos Group Holdings SA priced €1,032,646,477 equivalent of five-year senior notes (B3/B-/) in two tranches on Tuesday, according to informed sources.
Ineos priced a €600 million tranche of the notes at par to yield 5¾%. The yield printed 12.5 basis points inside of yield talk in the 6% area. The deal launched earlier on Tuesday at a target size of €500 million to €600 million and came at the high end of that range.
Joint global coordinator and bookrunner JPMorgan will bill and deliver for the euro-denominated tranche.
In addition the company price a $590 million tranche of the notes at par to yield 5 7/8%, at the tight end of yield talk which, like the euro-denominated tranche, had been set in the 6% area.
Joint global coordinator and bookrunner Citigroup Global Markets will bill and deliver for the dollar-denominated tranche.
Earlier guidance had the notes in both tranches coming in a low 6% yield context.
Barclays, BofA Merrill Lynch, Goldman Sachs and UBS were joint bookrunners.
The specialty chemicals company plans to use the proceeds to repay its outstanding senior notes due 2016.
| Issuer: | Ineos Group Holdings SA
|
| Amount: | €1,032,646,477 equivalent
|
| Maturity: | Feb. 1, 2019
|
| Securities: | Senior notes
|
| Joint global coordinators: | Citigroup Global Markets, JPMorgan
|
| Joint bookrunners: | Barclays, BofA Merrill Lynch, Goldman Sachs, UBS
|
| Trade date: | Feb. 11
|
| Settlement date: | Feb. 18
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Euro-denominated notes
|
| Amount: | €600 million
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 507 bps
|
| First call: | Feb. 15, 2016 at 102.875
|
| Price talk: | 6% area
|
| Bill and deliver: | JPMorgan
|
|
|
| Dollar-denominated notes
|
| Amount: | $590 million
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Spread: | 434 bps
|
| First call: | Feb. 15, 2016 at 102.938
|
| Price talk: | 6% area
|
| Bill and deliver: | Citigroup Global Markets
|
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