| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for Ineos Quattro > News item |
Ineos Quattro releases price talk on dollar, euro term loan B
Chicago, Oct. 30 – Ineos Quattro released price talk on its €2 billion equivalent U.S. and euro term loan B due in March 2029, which was the subject of a lender call on Monday, according to a market source.
Price talk for the approximate $1.25 billion U.S. tranche is SOFR plus 10 basis points CSA and a 425 bps spread, with a 0% floor. Discount talk is between 97 and 98.
For the €850 million tranche, bookrunners are talking the tranche at Euribor plus 450 bps, with a 0% floor. The discount is also being talked between 97 and 98.
Small group meetings are being held on Tuesday and Wednesday and then commitments are due at noon ET on 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.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.