latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/ineos-launches-8364-350m-bond-deal-60840117 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Ineos launches €350M bond deal

Blog

LCD Monthly: Assessing the US loan market one year after the COVID-19 crash

Capital Markets View – February 2021

Blog

LCD Monthly: Demand for US loans puts borrowers in the driver's seat

Capital Markets View – January 2021


Ineos launches €350M bond deal

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.