Ineos reworks U.S. and euro term loan sizes, updates pricing

By Sara Rosenberg

New York, Nov. 4 – Ineos Group Holdings upsized its U.S. seven-year term loan B to $845 million from $790 million and downsized its euro seven-year term loan B to €350 million from €400 million, according to a market source.

Pricing on the U.S. term loan was reduced to Libor plus 250 basis points from Libor plus 275 bps and the original issue discount was revised to 99.875 from 99.5, the source said.

The discount on the euro term loan was changed to 99.75 from 99.5.

The euro term loan is still priced at Euribor plus 275 bps, and both loans (Ba2/BB) still have a 0.5% floor and 101 soft call protection for six months.

JPMorgan, Barclays, Citigroup Global Markets Inc. and HSBC are the joint global coordinators and bookrunners on the deal, with JPMorgan the left lead on the U.S. term loan, and Barclays and JPMorgan joint physical leads on the euro term loan. BofA Securities Inc., BNP Paribas Securities Corp., Credit Suisse, Deutsche Bank, Goldman Sachs, ING, Lloyds, NatWest and Santander are mandated lead arrangers. Barclays is the administrative agent.

Recommitments for the U.S. term loan are due at 10 a.m. ET on Friday and recommitments for the euro term loan are due at 7 a.m. ET on Friday, the source added.

Proceeds will be used to refinance senior notes due 2024.

The U.S. borrower is Ineos US Finance LLC, and the euro borrower is Ineos Finance plc.

Ineos is a London-based chemicals company.

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