Ineos Finance BV has launched a €350 million secured bond offering, maturing March 2026. BofA Securities, Credit Suisse (B&D), and Deutsche Bank are joint global coordinators, while BNP Paribas, Lloyds, and Santander are joint bookrunners. An investor call is scheduled for today (Oct. 21) at noon BST / 7 a.m. ET, with pricing expected Oct. 22.
Proceeds from the notes — along with those from a €350 million, seven-year term loan — will be used for general corporate purposes, including the payment of dividends.
Price talk on the loans is E+275-300, with a 0.5% Euribor floor and original issue discount, or OID, of 99, suggesting a yield to maturity of 3.46%-3.72%.
The new non-call two bonds will slip between the borrower's 2.125% notes due November 2025 and 2.875% notes due May 2026. Those closed last night at 96 yielding 2.98%, and at 98.08 yielding 3.26%, respectively, according to S&P Global Market Intelligence.
The 2026 bonds mark its last visit to market, in April 2019.
Leads are guiding investors to expect ratings of BB/Ba3/BB+ and issue ratings of BB+/Ba2/BBB-.
Ineos is part of the wider Ineos Group, which includes Styrolution, Inovyn and Enterprises. Among these entities, Ineos Styrolution agreed to a $4.5 billion multi-currency financing in August to support its acquisition of BP's petrochemical business, with a wider bond and loan syndication expected to launch shortly.
Ineos operates 32 manufacturing sites in six countries. It reported sales of roughly $13 billion in 2019.