Ineos sets initial talk on benchmark 5.25-year secured euro notes at 7%-7¼%

By Paul A. Harris

Portland, Ore., Feb. 8 – Ineos Finance plc set initial price talk on a benchmark euro-denominated tranche of 5.25-year senior secured notes (Ba2/BB/BBB-) at 7% to 7¼%, according to market sources.

Initial talk on the identically structured and rated benchmark dollar-denominated tranche remains to be announced.

Whispers had the notes in both denominations coming in the low 7% area.

Tranche sizes remain to be determined.

The Rule 144A and Regulation S for life deal is scheduled to be marketed through Thursday.

Joint global coordinator Goldman Sachs, the sole physical bookrunner for the dollar-denominated notes, will bill and deliver for that tranche.

Joint global coordinators Goldman Sachs, HSBC and ING are the physical bookrunners for the euro-denominated notes. HSBC will bill and deliver for that tranche.

Barclays, BNP Paribas and Citigroup are also joint global coordinators.

China Construction Bank, Credit Agricole CIB, First Abu Dhabi Bank, ICBC, Mizuho, MUFG and Santander are passive bookrunners.

The notes in both tranches become callable after two years at par plus 50% of the respective coupons.

Proceeds plus concurrent term loan debt will be used to repay the company’s remaining U.S. and euro term loans due 2024 and for general corporate purposes.

Ineos is a London-based chemicals company.

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