Ineos Quattro to launch €700 million equivalent term loan on Thursday

By Sara Rosenberg

New York, Feb. 28 – Ineos Quattro is scheduled to hold a lender call at 10 a.m. ET on Thursday and small group meetings on Thursday and Friday to launch a minimum €700 million equivalent U.S. and euro fungible add-on term loan B due March 2029, according to a market source.

JPMorgan Chase Bank is the physical bookrunner on the U.S. loan, and BNP Paribas Securities Corp., Citigroup Global Markets Inc. and JPMorgan are the physical bookrunners on the euro loan. JPMorgan is the administrative agent.

Pricing on the U.S. add-on term loan is SOFR+10 basis points CSA plus 425 bps with a 0% floor and pricing on the euro add-on term loan is Euribor plus 450 bps with a 0% floor, in line with existing U.S. and euro term loan pricing.

Original issue discount talk on the U.S. add-on term loan is 98, and the euro add-on term loan is talked with an original issue discount in the range of 98.5 to 99, the source said.

Both add-on term loans have 101 soft call protection until Nov. 14, 2024.

Commitments for the U.S. loan are due at 5 p.m. ET on March 6 and commitments for the euro loan are due at noon ET on March 6, the source added.

Proceeds will be used to extend a portion of the company’s existing U.S. and euro term loan B borrowings due 2026, and to refinance certain 2026 debt maturities.

Ineos Quattro is a chemicals company.

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