Ineos gives results of capped tender offers for notes due 2025, 2026

By William Gullotti

Buffalo, N.Y., Jan. 31 – Ineos Finance plc gave the results of its capped cash tender offer to purchase notes from three series due 2025 and 2026, according to an announcement on Wednesday.

As previously reported, the offer pertained only to the Regulation S notes from the following series:

• €548.7 million outstanding 2 1/8% senior secured notes due Nov. 15, 2025 (ISIN: XS1577947440) at 98;

• €321.5 million outstanding 3 3/8% senior secured notes due March 31, 2026 (ISIN: XS2250349581) at 99.25; and

• €768.6 million outstanding 2 7/8% senior secured notes due May 1, 2026 (ISIN: XS1843437549) at 98.25.

As previously reported, the issuer will also pay accrued interest in addition to the purchase price and will not accept any Rule 144A notes tendered from any of the aforementioned series.

At the expiration deadline, which occurred at 11 a.m. ET on Jan. 30, Ineos received and accepted for purchase:

• €312,204,000 of the 2 1/8% senior secured notes due 2025, which will leave €237,796,000 outstanding after settlement;

• €246,884,000 of the 3 3/8% senior secured notes due 2026, which will leave €78,116,000 outstanding after settlement; and

• €488,848,000 of the 2 7/8% senior secured notes due 2026, which will leave €281,152,000 outstanding after settlement.

The aggregate purchase consideration for the offers will be €1,031,285,450, which the company also determined to be the maximum acceptance amount.

Settlement remains slated for Feb. 7 and also remains subject to the satisfaction or waiver of a new financing condition.

As previously reported, Ineos plans to raise at least €2 billion through new financing, proceeds of which would be used to purchase notes under the tender offers, with the remainder to be used toward financing the acquisitions and for other general corporate purposes.

Holders who participate in the tender offer and wish to participate in the new financing (other than senior secured debt in the form of term loans) may be given priority in the allocation of that new financing, the issuer said.

The dealer managers are Credit Agricole CIB (+44 20 7214 5903; liability.management@ca-cib.com), Goldman Sachs International (+44 20 7774 4836; liabilitymanagement.eu@gs.com) and J.P. Morgan Securities plc (+44 20 7134 4353; liability_management_EMEA@jpmorgan.com).

Kroll Issuer Services Ltd. (attn.: Owen Morris; +44 20 7704 0880; ineos@is.kroll.com; https://deals.is.kroll.com/ineos) is the tender agent.

Ineos is a London-based chemical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.