Ineos Enterprises talks U.S. term loan at Libor plus 325-350 bps

By Sara Rosenberg

New York, July 9 – Ineos Enterprises is talking its €525 million equivalent U.S. dollar seven-year term loan B (Ba3/BB) and its €525 million seven-year term loan B (Ba3/BB) at Libor/Euribor plus 325 basis points to 350 bps with a 0% floor and an original issue discount of 99 to 99.5, according to a market source.

The company’s €1.7 billion equivalent credit facilities also include a €350 million five-year term loan A (Ba3/BB) and a €300 million three-year receivables securitization facility.

A bank meeting for European investors took place in London on Tuesday and a meeting for U.S. investors will take place in New York on Wednesday.

Barclays, BNP Paribas and NatWest Markets are the bookrunners on the deal.

Commitments are due on July 25.

Proceeds will be used to finance acquisitions, refinance existing debt and pay transaction expenses.

Ineos is a London-based producer of intermediate chemicals.

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