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Ineos withdraws €820 million equivalent U.S. and euro term loan
By Sara Rosenberg
New York, March 20 – Ineos Enterprises Holdings Ltd. pulled its €820 million equivalent U.S. and euro seven-year senior secured term loan B (BB) as a result of market volatility, according to a market source.
The U.S. term loan was talked at SOFR+10 basis points CSA plus 400 bps to 425 bps with a 0% floor and an original issue discount of 98.5, and the euro term loan was talked at Euribor plus 425 bps to 450 bps with a 0% floor and a discount of 98.5.
Both term loans were being offered with 101 soft call protection for six months.
The split of U.S. and euro term loan debt was still to be determined.
Barclays was the global coordinator on the U.S. loan, and Barclays, MUFG and NatWest were the joint global coordinators and physical bookrunners on the euro loan. ABN Amro, Banco Santander, Fifth Third and JPMorgan were mandated lead arrangers. Barclays was the administrative agent.
Commitments for the U.S. term loan had been scheduled to be due at 5 p.m. ET on Monday, and commitments for the euro term loan had been scheduled to be due at 7 a.m. ET on Tuesday.
Proceeds were going to be used to fund the €720 million acquisition of MBCC Group’s Admixture business, a producer of concrete additives essential for the construction industry, from Sika AG, to refinance €72 million of drawings under the company’s securitization facility, to pay related transaction fees and to retain additional liquidity.
Ineos Enterprises Holdings US Finco LLC was the U.S. borrower and Ineos Enterprises Holdings II Ltd. was the euro borrower.
Ineos Enterprises is a specialty and commodity chemical producer based in the United Kingdom.
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