Ineos lifts term loan B to €375 million, firms at Euribor plus 300 bps

By Sara Rosenberg

New York, Oct. 22 – Ineos Finance plc upsized its seven-year term loan B (BB+/BBB-) to €375 million from €350 million and set pricing at Euribor plus 300 basis points, the high end of the Euribor plus 275 bps to 300 bps talk, according to a market source.

Included in the term loan is 25 bps step at 2.5x senior secured net leverage, the source said. The step has a six-month holiday.

The term loan still has a 0.5% floor, an original issue discount of 99 and 101 soft call protection for six months.

BofA Securities Inc. Credit Suisse and Deutsche Bank are the global coordinators on the deal. BNP Paribas, Lloyds and Santander are mandated lead arrangers. Barclays is the agent.

Recommitments were scheduled to be due at 9:45 a.m. ET on Thursday, the source added.

Proceeds will be used with €325 million of senior secured notes, downsized from €350 million, for general corporate purposes, including the payment of transaction fees and expenses and future dividends.

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

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