Ineos sets talk for $850 million equivalent two-part offering of seven-year secured notes

By Paul A. Harris

Portland, Ore., Feb. 2 - Ineos Finance plc set price talk for an $850 million two-part offering of seven-year senior secured notes (expected Ba3/confirmed B) on Thursday, according to market sources.

A €250 million minimum tranche of floating-rate notes, callable in three years at 102, is talked with a 600 basis points to 625 bps spread to Euribor with a 1.25% Euribor floor.

A dollar-denominated tranche of fixed-rate notes, callable in three years at par plus ¾ coupon, is talked to yield 8½% to 8¾%. The size of the dollar-denominated tranche remains to be determined.

Pricing is set for Friday.

Barclays Capital Inc., which will bill and deliver the euro-denominated tranche, is a global coordinator and joint bookrunner. J.P. Morgan Securities LLC, which will bill and deliver the dollar-denominated tranche, is also a global coordinator and joint bookrunner.

In addition Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC, Lloyds TSB, Morgan Stanley & Co. and UBS Investment Bank are the joint bookrunners.

The Lyndhurst, England-based chemical company plans to use the proceeds from the Rule 144A and Regulation S for life deal to refinance debt.

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