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by Stephen Carter
Sep 23, 2025 2:11 PM ET
INEOS Finance plc (INEOS Group) (INEGRP) EUR800m (up from EUR650m) 144A/Reg S sr sec notes due 03/31/31 (5.5y). NC2 (09/15/27) (MWC B+50bp), then at 103.625 09/15/27, 101.813, 09/15/28, 100 09/15/29. Equtiy clw: 2y 40% at 107.25. B1/BB-/BB+ (negative/stable/negative). Via BNP/GS (B&D)/ING jt glocos and jt physical books/ABN/Commerzbank jt books. No reg rights. List Lux. NY law. CoC at 101. Pays May 15 and Nov 15, starting 05/15/26. Denoms 100kx1k. Settles 09/26 (T+3). Reg S ISIN: XS3192215492. IPT: Mid to high 7%. EUR150m upsize for same UOP. Price talk: 7.25%-7.50%.
Priced: 7.25% at 100. +493bp vs DBR 0.00% 02/15/31.
Roadshow (small group meetings 09/22) (investor call at 10:30am UKT 09/22). Books closed at 2:30pm UKT 09/23. UOP: GCP, including partially prefund the remaining expenditure of Project ONE (INEOS Group's major capital investment in Antwerp, Belgium, a new ethane cracker) (EUR150m upsize for the same UOP). 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.
NetRoadshow: https://www.netroadshow.com/nrs/home/. Access Code: INEOS-2025