Ineos Quattro raises U.S. and euro term loan size, sets OID at 99

By Sara Rosenberg

New York, March 3 – Ineos Quattro upsized its U.S. and euro seven-year term loan B to about €850 million equivalent from €750 million equivalent and set tranche sizes at $500 million and €375 million, compared to earlier talk of a minimum $400 million tranche with the remainder in euro, according to a market source.

Furthermore, the original issue discount on the U.S. and euro term loans firmed at 99, the tight end of revised talk of 98.5 to 99 and tighter than initial talk of 98, the source said.

Pricing on the U.S. term loan is SOFR+10 basis points CSA plus 375 bps with a 0% floor, and pricing on the euro term loan is Euribor plus 400 bps with a 0% floor.

Both term loans have 101 soft call protection for one year.

Earlier in syndication, the spread on the U.S. term loan firmed at the low end of the SOFR plus 375 bps to 400 bps talk and pricing on the euro term loan finalized at the low end of the Euribor plus 400 bps to 425 bps talk.

JPMorgan Chase Bank and Deutsche Bank Securities Inc. are joint physical leads on the euro term loan and JPMorgan is the left lead on the U.S. term loan. JPMorgan is the administrative agent.

Recommitments were scheduled to be due at 11 a.m. ET on Friday, the source added.

Proceeds will be used to fund a dividend and for general corporate purposes.

The company is also looking to amend its existing U.S. loan tranches to transition to SOFR from Libor and add 10 bps CSA.

Ineos Quattro is a chemicals company.

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