Ineos finalizes U.S. and euro term loan sizes, sets OID at 98.5

By Sara Rosenberg

New York, Oct. 6 – Ineos Enterprises Holdings Ltd. set the size on its fungible U.S. senior secured add-on term loan B due July 7, 2030 at $310 million and the size of its fungible euro senior secured add-on term loan B due July 7, 2030 at €350 million, according to a market source.

At launch, the debt was described as a €645 million equivalent U.S. and euro add-on term loan B, with tranches sizes to be determined.

Also, the original issue discount on the U.S. and euro add-on term loans (Ba3/BB/BB+) firmed at 98.5, the wide end of the 98.5 to 99 talk, the source said.

Pricing on the U.S. add-on term loan is SOFR+10 basis points CSA plus 375 bps with a 0% floor, and pricing on the euro add-on term loan is Euribor plus 400 bps with a 0% floor, both in line with existing term loan B pricing.

The U.S. and euro term loans have 101 soft call protection until January 2024, which matches the call protection on the existing term loans.

Barclays is the sole bookrunner on the add-on U.S. term loan. Barclays, MUFG and NatWest Markets are joint physical bookrunners on the euro add-on term loan. Barclays is the administrative agent.

Proceeds will be used to refinance all of the company’s existing term loan A and euro term loan B debt due 2026 and to pay transaction fees and expenses.

Ineos Enterprises is a London-based specialty and commodity chemical producer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.