By Paul A. Harris
Portland, Ore., Feb. 9 – Ineos Finance plc priced €795 million equivalent of 5.25-year senior secured notes (Ba2/BB/BBB-) in two tranches on Thursday, according to market sources.
A $425 million tranche priced at par to yield 6¾%.
A €400 million tranche priced at par to yield 6 5/8%.
Both tranches priced on top of final talk.
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.
In addition to the bonds, the upsized €2.6 billion equivalent Ineos financing (from €2 billion) also includes $1.2 billion and €700 million of term loans, also set to price on Thursday.
Proceeds 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.
| Issuer: | Ineos Finance plc
|
| Issue: | Senior secured notes
|
| Maturity: | May 15, 2028
|
| Joint global coordinators: | Goldman Sachs, HSBC, ING, Barclays, BNP Paribas, Citigroup
|
| Passive bookrunners: | China Construction Bank, Credit Agricole CIB, First Abu Dhabi Bank, ICBC, Mizuho, MUFG and Santander
|
| Trade date: | Feb. 9
|
| Settlement date: | Feb. 16
|
| Ratings: | Moody's: Ba2
|
| S&P: BB
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S for life
|
|
|
| Dollar notes
|
| Amount: | $425 million
|
| Sole physical bookrunner: | Goldman Sachs (bill and deliver)
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | Treasuries plus 290 bps
|
| Call protection: | Callable at 103.375 starting Feb. 15, 2025; at 101.6875 starting Feb. 15, 2026; at par thereafter
|
| Change of control: | At 101
|
| Equity clawback: | Up to 40% at 106.75
|
| Price talk: | 6¾%
|
| ISINs: | USG47718AH72, US44984WAH07
|
|
|
| Euro notes
|
| Amount: | €400 million
|
| Physical bookrunners: | Goldman Sachs, HSBC (bill and deliver) and ING
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | Bunds plus 432 bps
|
| Call protection: | Callable at 103.3125 starting Feb. 15, 2025; at 101.5625 starting Feb. 15, 2026; at par thereafter
|
| Equity clawback: | Up to 40% at 106.625
|
| Change of control: | At 101
|
| Price talk: | 6 5/8%
|
| ISINs: | XS2587558714, XS2587558474
|
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