Ineos telegraphs new dollar-, euro-denominated secured debt as it addresses 2025/2026 maturities

By Paul A. Harris

Portland, Ore., Jan. 22 – Ineos Group Holdings telegraphed dollar-denominated secured debt to be placed by Ineos US Finance LLC and euro-denominated secured debt to be placed by Ineos Finance plc as part of a new €2 billion equivalent capital raise, according to a market source.

The debt was disclosed along with details on $500 million minimum and €300 million minimum of new term loans, which were scheduled to launch in Monday bank meetings. Barclays is the physical bookrunner on the dollar-denominated loan. Barclays, Deutsche Bank and Santander are joint physical bookrunners on the euro-denominated loan. Commitments are due Jan. 30.

The London-based chemical group plans to use the proceeds to refinance part of its 2025 and 2026 maturities, for acquisition financing and to add cash to the balance sheet to prefund Project One.

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