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Ineos cuts spread on €1.4 billion term B to Libor/Euribor plus 325 bps
By Sara Rosenberg
New York, March 10 – Ineos Finance plc reduced pricing on its roughly €1.4 billion equivalent seven-year senior secured covenant-light term loan B to Libor/Euribor plus 325 basis points from Libor/Euribor plus 350 bps, according to a market source.
In addition, the original issue discount on the term debt was revised to 99½ from 99, the source said.
The term debt still includes a 1% floor and 101 soft call protection for six months.
Earlier in syndication, the total term loan size was increased from €750 million equivalent.
With final terms set, the breakdown of U.S. and euro tranche sizes within the term loan emerged, with the U.S. piece sized at $625 million and the euro piece sized at €850 million, the source continued.
By comparison, at launch, the breakdown was described as a minimum size of $250 million and a minimum size of €250 million.
Recommitments were due on Tuesday at 5 p.m. ET for the U.S. debt and at 5 p.m. GMT for the euro debt, the source added.
Barclays and J.P. Morgan Securities LLC are the lead bookrunners and joint global coordinators on the deal, and other bookrunners include Bank of America Merrill Lynch, Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc.
Proceeds will be used to refinance existing €500 million floating-rate notes due 2019 and, due to the recent term loan upsizing, all of the $1 billion senior secured notes due 2019, the source added. Initially, the company was only planning on redeeming $300 million of the senior secured notes.
The redemption will occur on April 1.
Ineos is a London-based manufacturer of petrochemicals, specialty chemicals and oil products.
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