Ineos launches downsized €325 million long five-year secured notes at 3 3/8%; pricing Thursday

By Paul A. Harris

Portland, Ore., Oct. 22 – Ineos launched a downsized €325 million offering of senior secured notes due March 2026 (Ba2/BB+/BBB-) at 3 3/8% on Thursday, according to a market source.

The issue size decreased from €350 million, with €25 million of proceeds shifted to a concurrent term loan, increasing the loan size to €375 million from €350 million.

The notes launched in the middle of the 3¼% to 3½% yield talk.

Joint global coordinator Credit Suisse will bill and deliver. BofA and Deutsche Bank are also joint global coordinators.

BNP Paribas, Lloyds and Santander are the joint bookrunners.

The Rule 144A and Regulation S notes are coming with a tenor of five years and five months and become callable after two years at par plus 50% of the coupon.

The issuing entity will be Ineos Finance plc.

The London-based supplier of petrochemicals and specialty chemicals plans to use the proceeds for general corporate purposes.

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