Ineos Quattro to launch $1.25 billion, €850 million term loans Monday

By Sara Rosenberg

New York, Oct. 27 – Ineos Quattro is scheduled to hold a lender call at 11 a.m. ET on Monday to launch a €2 billion equivalent U.S. and euro term loan B due March 2029, split between a roughly $1.25 billion term loan B tranche and an €850 million term loan B tranche, according to a market source.

Small group meetings will be available on Tuesday and Wednesday.

JPMorgan Chase Bank is the left lead bookrunner on the U.S. term loan. BNP Paribas, Citigroup Global Markets Inc. and JPMorgan are the joint physical bookrunners and joint global coordinators on the euro term loan. Credit Agricole, CCB, Commerzbank, FAB, Goldman Sachs (joint global coordinator), HSBC Securities, ING, ICBC, KBC and Mizuho are joint bookrunners. JPMorgan is the administrative agent.

The term loan debt has 101 soft call protection for one year, the source said.

Price talk is not yet available.

Commitments are due at noon ET on Nov. 8, the source added.

Proceeds will be used with €800 million equivalent of U.S. and euro other secured debt to partially refinance existing U.S. and euro term loan B borrowings due 2026, to fund the acquisition of the Eastman Texas City site, including the 600kt Acetic Acid plant and all associated third-party activities, from Eastman Chemical Co. for $500 million, to partially refinance other debt due 2026, and to pay transaction fees and expenses.

Closing on the acquisition is expected this year, subject to regulatory approvals.

Ineos Quattro is a chemicals company.

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