Ineos talks €500 million seven-year secured notes at 2½% area yield; books close Wednesday

By Paul A. Harris

Portland, Ore., Jan. 21 – Ineos Styrolution Group GmbH talked its €500 million offering of seven-year senior secured notes (expected ratings Ba2/BB) to yield in the 2½% area, according to a market source.

Books close on Wednesday.

Credit Suisse is the lead.

The notes come with three years of call protection.

The Frankfurt-based styrenics supplier plan to use the proceeds to repay bank debt, as well as to fund a dividend to its ultimate parent, Ineos Ltd., and to fund capital expenditures.

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