| C/P | Industry | Status | Ticker(s) | Issuer(s) | Size(m) | Tranches | Region | Date | |
|---|---|---|---|---|---|---|---|---|---|
HYC | MTRL | PRCD | INEGRP | Ineos Finance PLC | - | 2 | EMEA | Feb 9, 2023 |
02/09/2023 INEOS Finance plc (INEGRP) EUR795m equivalent EUR/US$ (EUR2.6bn equivalent total sr sec debt across the notes and TLB, up from EUR2bn equivalent) 144A/Reg S 5yNC2 sr sec notes 2-part. Ba2/BB/BBB- (stable/stable/--). No reg rights. List Lux. NY law. Settles 02/16 (T+5).
- EUR400m sr sec notes due 05/15/28 (5.2y). NC2 (02/15/25) (MWC B+50bp), then at 103.3125, 101.65625, 100. Equity claw: 2y (02/15/25) 40% at 106.625. Via GS/HSBC (B&D)/ING jt physical bks/Barc/BNPP/Citi jt glocos/China Construction Bank/CA/First Abu Dhabi Bank/ICBC/Mizuho/MUFG/Santander jt passive books. Pays May 15, Nov 15, starting 11/15/23. Reg S ISIN: XS2587558474. Whisper: low 7s. IPT: 7.00%-7.25%. Price talk: 6.75%-7.00%. Launched: EUR400m 6.625% at par. Priced: 6.625% at 100, yield 6.616%. +432bp vs DBR 4.75% 07/04/28.
- US$425m 144A/Reg S sr sec notes due 05/15/28 (5.2y). NC2 (02/15/25) (MWC T+50bp), then at 103.375, 101.6875, 100. Equity claw: 2y (02/15/25) 40% at 106.75. Via GS (B&D) physical bks/Barc/BNPP/Citi/HSBC/ING jt glocos/China Construction Bank/CA/First Abu Dhabi Bank/ICBC/Mizuho/MUFG/Santander jt passive books. Pays May 15, Nov 15, starting 11/15/23. 144A CUSIP: 44984WAH0. Whisper: low 7s. Px talk: 6.75%-7.00%. Launched: US$425m 6.75% at par. Priced: 6.75% at 100, yield 6.741%. +290bp vs 2.875% 05/15/28.
Roadshow US$ 02/07-08, EUR 02/08-09 (investor call at 2:30pm UKT/9:30am NYT 02/07). Books closed at 4pm UKT/11am NYT 02/09 (originally closing at 3pm UKT / 10am NYT 02/09). The total size of the sr sec debt offering is EUR2.6bn equivalent (up from EUR2bn), including a EUR700m fungible add-on to its term loan B due 11/2027 via Barc/BNPP/Citi+ and USD1.2bn new term loan B due 2030 via Barc+, which is currently in the market (loan commitments due 4:30pm UKT/11:30am NYT Thurs). UOP: to repay the remaining EUR1.258bn and USD796mn term loan Bs due 2024 and GCP (EUR600m upsize for GCP). Majority owner: Jim Ratcliffe. Biz: Global manufacturer of petrochemicals, specialty chemicals and oil products. It is a sub of INEOS Limited, part of the INEOS Group. HQ: London, UK.