Commentary & Deal Flow

Price talk: 8% area (+/- 0.125%).

Upsize: EUR200m to further repay a portion of the 2028 US$ sr sec term loans

IPTs: 5.5NC2: low-mid 8%s

• Issuer: INEOS Finance Plc
• Business: Leading chemicals company focused on the production of olefins, polymers and chemical intermediates. It is a sub of INEOS Holdings Limited, part of the INEOS Group. HQ: London, UK.
• Issue: Senior Secured Notes
• Size: €600,000,000 (up from €400,000,000)
• Tenor: 5.5 years
• Call Protection: NC2 (B+50bp) (50%,25%,par)
• Use Of Proceeds: UOP: along with $8m of cash on hand, to repay all of the EUR356m outstanding 2027 sr sec term loan and repay EUR244m (up from EUR44m) of the $692m 2028 USD sr sec term loan. EUR200m upsize to further repay a portion of the 2028 US$ sr sec term loans
• Existing Corporate Ratings: B2/B+/BB- (Moody's/S&P/Fitch)
• Expected Issue Ratings: B2/B+/BB+ (Moody's/S&P/Fitch)
• Format: Reg S / 144A
• Listing: Application will be made to the Official List of the Luxembourg Stock Exchange Euro MTF Market
• Governing Law: New York
• Denominations: €100k x €1k
• ISINs: Reg S: XS3366268541 / 144A: XS3366268970
• Joint Global Coordinators and Joint Physical Bookrunners: Citi (B&D), Goldman Sachs Bank Europe SE
• Joint Global Coordinators and Joint Bookrunners: J.P. Morgan, MUFG
•  Marketing: Global Investor call 10:30am UKT 05/05. Small group meetings 05/05.
• Books close at 2pm UKT 07-May-26
• Timing: Pricing 07-May-26
• NetRoadshow/GIC registration: https://www.netroadshow.com/events/login/1PeTHmojK6FqvKSVtKoEwOzVGM06LXHr1Kg8B
• Investor Call Replay: https://www.netroadshow.com/events/login/1PeTHmojK6FqvKSVtKoEwOzVGM06LXHr1Kg8B
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPS / UK PRIIPS Key Information Document (KID) or CCI product summary has been prepared as not available to retail in EEA or the UK.