Fitch rates Ineos loan BBB-

Fitch Ratings said it assigned Ineos Finance plc’s proposed €700 loan, due 2027, an expected senior secured rating of BBB-.

The proposed senior secured loan will be secured by first-ranking share pledges and will be jointly and severally guaranteed on a senior secured basis by Ineos Group Holdings SA, Ineos Luxembourg I SA, Ineos Holdings Ltd. and certain of their subsidiaries, representing together at least 85% of 2019 reported consolidated EBITDA. The secured debt is rated one notch above the issuer default rating to reflect the security package, Fitch said.

The proceeds will be used to fund a distribution of up to €300 million to Ineos’ parent in 2021, with the remaining amount to remain on the balance sheet as cash. The loan will rank pari-passu with Ineos Finance’s outstanding senior secured issues and is subject to similar terms, the agency said.

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