Ineos Quattro begins roadshow for €2 billion equivalent four-tranche notes offering

By Abigail W. Adams

Portland, Me., Jan. 15 – Ineos Quattro began marketing a €2 billion equivalent dual-currency four-tranche offering of secured and unsecured notes in a roadshow scheduled to run until Jan. 20 with pricing expected thereafter, according to a market source.

The deal consists of a €1 billion equivalent five-year non-call two-year offering of first-lien senior secured notes to be split into euro-denominated and dollar-denominated tranches.

Initial talk is for a yield in the 4% area for the dollar-denominated secured tranche and 3% to 3¼% for the euro-denominated secured tranche.

The secured notes will be issued by Ineos Quattro Finance 2 plc.

The deal also consists of a €1 billion equivalent long five-year non-call two-year offering of unsecured notes, which will also be split into euro-denominated and dollar-denominated tranches.

Initial talk is for a yield in the low 5% area for the dollar-denominated tranche and the mid-4% area for the euro-denominated tranche.

The unsecured notes will be issued by Ineos Quattro Finance 1 plc.

Tranche sizes are to be determined.

Citigroup Global Markets Inc. is lead left for the dollar-denominated tranches.

Barclays, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are leads on the euro-denominated tranches.

BNP Paribas Securities Corp. is also a joint global coordinator and bookrunner.

ABN Amro Inc., BofA Securities Inc., Commerz Markets LLC, Credit Agricole CIB, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Fifth Third Securities Inc., ICBC Standard Bank plc, ING Financial Markets LLC, Intesa Sanpaolo, Lloyds Securities Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC, NatWest Markets Securities Inc. and Santander Investment Securities Inc. are also joint bookrunners.

Proceeds, together with a concurrent $2.6 billion term loan and cash on hand will be used to repay the bridge loan taken out to finance the acquisition of BP’s aromatics and acetyls businesses, refinance the company’s term loan and pay the deferred considerations owed to BP for the acquisition.

Ineos Quattro is a London-based global diversified chemical company.

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