Ineos to launch $1 billion add-on term loan, repricing on Tuesday

By Sara Rosenberg

New York, April 22 - Ineos Group Holdings SA is set to hold a conference call at 10:30 a.m. ET on Tuesday to launch a $1 billion add-on term loan due 2018 that will have U.S. and euro pieces, according to a market source.

In addition, the company will launch a repricing of its U.S. term loan due 2018, which was sized at $2 billion when done about a year ago, and its euro term loan due 2018, which was sized at €500 million when done last year, the source said.

Current pricing on the U.S. loan is Libor plus 525 basis points and current pricing on the euro loan is Euribor plus 550 bps, with both having a 1.25% floor.

Barclays and BofA Merrill Lynch are the joint global coordinators on the deal and bookrunners with Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and UBS Securities LLC.

Proceeds from the add-on debt will be used to refinance bonds, the source added.

Ineos is a Switzerland-based manufacturer of petrochemicals, specialty chemicals and oil products.

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