First Pay: 2024-10-15; Redemption: 2026-04-15; Registration: 144A/Reg S; Comments: US$750m (upsized from US$500m) 5yr(2029-04-15) cpn 7.50% at par. Spread: T+363bps. Ba3 / BB / BB+. Equity Clawback: Up to 40% at 107.5%. MWC: T+50bps prior to April 15, 2026. Call Schedule: April 15, 2026 @103.750%, April 15, 2027 @101.875%, April 15, 2028 and thereafter @100.000%. CoC: 101%;
First Pay: 2024-10-15; Redemption: 2026-04-15; Registration: 144A/Reg S; Comments: EUR850m (upsized from EUR400m) 5yr(2029-04-15) cpn 6.375% at par. Spread: OBL+434bps. Equity Clawback: Up to 40% at 106.375%. MWC: BR+50bps prior to April 15, 2026. Call Schedule: April 15, 2026 @103.1875%, April 15, 2027 @101.594%, April 15, 2028 and thereafter @100.000%. CoC: 101%;
Deal Comments
01/31/2024 INEOS Finance plc (INEOS Group) (INEGRP) approx EUR1.517bn (from approx EUR1.253bn minimum and EUR900m minimum) (approx EUR2.4bn equivalent total size (from EUR2.1bn minimum and EUR2bn) equivalent across EUR/US$ sr sec notes and term loan Bs) 144A/Reg S sr sec notes -2-part. Ba3/BB/BB+ (negative/negative/stable). Via Barc/CA (EUR jt physical books)/DB/GS (EUR jt physical books and B&D)/JPM (EUR jt physical books, US$ sole physical books and B&D)/Santander jt glocos/ABN/Commerz/Helaba/ING/IMI/KBC/Lloyds/NatWest jt books. No reg rights. List Lux. NY law. Settles 02/07 (T+5). EUR100m upsize to tender for additional bonds. EUR300m upsize to tender for additional bonds.
- US$725mm (from US$600m minimum and US$500m minimum) due 04/15/29 (5.25y). NC2.25 (04/15/26) (MWC T+50bp), then at 103.75, 101.875, 100. Equity claw: 2.25y 40% at 107.50. 144A CUSIP: 44984WAJ6. IPT: 7.75%-8.00%. Px talk: 7.50%-7.75%. Final terms: US$725m at 7.50%. Priced: 7.50% at 100. +365bp vs 4% 01/31/29.
- EUR850m (from EUR700m minimum and EUR400m minimum) due 04/15/29 (5.25y). NC2.25 (04/15/26) (MWC B+50bp), then at 103.1875, 101.594, 100. Equity claw: 2.25y 40% at 106.375. Reg S ISIN: XS2762276967. IPT 6.50%-6.75%. Px talk: 6.50% area. Final terms: EUR850m at 6.375%. Priced: 6.375% at 100. +434bp vs OBL 2.1% 04/12/29.
Roadshow 01/29-30 (investor call at 11am NYT/4pm UKT 01/29). Books closed: US$ at 9:30am NYT 01/31, EUR at 2:30pm UKT today. Reconfirms were due by 11am NYT/4pm UKT 01/31. Term loans launched 01/22. Term loans via Barc/DB/Santander jt physical books on the EUR tranche/Barc sole physical books on the US$ tranche/CA/GS/JPM jt glocos, +others. UOP: along with new term loan B (US$500m (unchanged) and EUR425m (up from EUR400m minimum and EUR300m)), to refinance up to EUR1.04bn (up from EUR740m and from EUR640m) of its 2025 and 2026 maturities (EUR550m 2.125% sr sec notes due 11/15/25, EUR325m 3.375% sr sec notes due 03/31/26 and EUR770m 2.875% sr sec notes due 05/01/26), US$700m (EUR640m) to fund the acquisition of LyondellBasel's ethylene oxide and derivates business (Bayport) and EUR400m to fund the acquisition of ENEOS affiliate's and TotalEnergies' cracker and derivative assets in Lavera, France, and EUR300m for GCP, including to prefund Project One (INEOS Groups major capital investment in Antwerp, Belgium). Biz: Global manufacturer of petrochemicals, specialty chemicals and oil products. It is a sub of INEOS Holdings Limited, part of the INEOS Group. HQ: London, UK. (Bayport acquisition announced December 2024, the Lavera acquisition announce July 2023).
Use of Proceeds
Purchase notes, tender additional bond, for M&A and general corporate purposes