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Ineos adds euro tranche, talks $678 million, €250 million notes
By Paul A. Harris
Portland, Ore., May 1 - Swiss chemical producer Ineos Group Holdings SA added a €250 million tranche on Wednesday to its $678 million offering of senior notes (Caa1/B-) that is already in the market, according to an informed source. Price talk is also out on the entire deal.
The €250 million tranche of 5.25-year notes is non-callable for two years. Price talk is set in the 6¾% area.
The dollar-denominated portion of the deal is unchanged.
A tranche of dollar-denominated 5.25-year notes, which come with two years of call protection, are talked with a yield in the 6 3/8% area. Initial guidance was 6 5/8% to 6¾%.
A dollar-denominated tranche of seven-year notes, which come with three years of call protection, are talked with a yield in the 6¾% area. Initial guidance was 7% to 7¼%.
Tranche sizes remain to be determined.
Joint global coordinator Citigroup Global Markets will bill and deliver for the dollar-denominated notes.
Joint global coordinator Goldman Sachs will bill and deliver for the euro-denominated notes.
Additional syndicate members for all tranches of the Rule 144A and Regulation S for life deal include joint global coordinator UBS, as well as joint bookrunners BofA Merrill Lynch, Barclays, ING and Lloyds TSB.
Books closed on Wednesday for accounts in the United States. For European accounts books are scheduled to close at 7 a.m. ET on Thursday.
Ineos plans to use the proceeds to take out its dollar-denominated 8½% notes due 2016. Additional proceeds expected to result from the added €250 million tranche of 5.25-year notes will be used to take out a portion of the euro-denominated 8 ½% notes due 2016.
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