Ineos to launch new term loans, and repricing/extension on Tuesday

By Sara Rosenberg

New York, Jan. 30 – Ineos Group Holdings SA is scheduled to hold a lender call at 9 a.m. ET on Tuesday to launch a new €575 million U.S. dollar-equivalent term loan B due 2024 and a new €575 million term loan B due 2024, according to a market source.

The company will also launch an up to $1,489,000,000 term loan due March 31, 2022 to reprice and extend an existing 2020 term loan and reprice an existing 2022 term loan, and will launch an up to €1,934,000,000 term loan due March 31, 2022 to reprice and extend an existing 2020 term loan and reprice an existing 2022 term loan, the source said.

Barclays and Bank of America Merrill Lynch are the global coordinators and joint lead arrangers on the deal, and joint bookrunners with Credit Suisse, Goldman Sachs, J.P. Morgan Securities LLC and Lloyds.

Proceeds from the new term loans will be used to repay existing notes due 2019.

In addition, the company plans to use cash on the balance sheet to repay existing U.S. dollar term loan B debt due in 2018, the source added.

Commitments are due at 5 p.m. ET on Feb. 7.

Ineos is a Rolle, Switzerland-based chemical company.

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