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Ineos Quattro launches $400 million 9 5/8% notes, €525 million 8½% notes due 2029 at par
By Paul A. Harris
Portland, Ore., Nov. 9 – Ineos Quattro Finance 2 plc launched a two-part offering of senior secured notes due March 2029 (Ba3/BB/BB+) on Thursday, according to market sources.
A $400 million tranche launched with a 9 5/8% coupon at par. Talk was in the 9¾% area.
A €525 million tranche launched with an 8½% coupon at par. Talk was 8½% to 8¾%.
The deal is set to price later Thursday.
The notes in both tranches become subject to initial calls in two years at par plus 50% of the respective coupons.
Goldman Sachs is the lead for both tranches of notes. HSBC and ING are joint physical bookrunners for the euro-denominated notes.
The London-based chemicals company plans to use the proceeds plus €2 billion equivalent of new term loans to partially refinance its dollar- and euro-denominated term loans B due 2026 and to fund an acquisition.
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