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Ineos Finance PLC

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Ineos Finance PLC

by Stephen Carter

May 06, 2026 10:35 AM ET

FINAL TERMS/UPSIZE: INEOS Finance €700m 5.5NC2 Snr Sec Notes at 7.875%

HYC European Market: Deal Flow - General

Issuer	Term	Call	Maturity	Size	Ranking	Type	IPT	Price talk	Launch Yield
INEOS Finance Plc	5.5NC2	2y	Nov-29	€700m	Snr Sec	Fixed	low-mid 8%s	8% area	7.875%

Launched: 5.5NC2: €700m @ 7.875%
Price talk: 8% area (+/- 0.125%).
Upsize: €200m 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: €700,000,000 (upsized from €600,000,000)
Tenor: 5.5 years
Call Protection: NC2 (B+50bp) (50%,25%,par)
Use Of Proceeds: Along with US$8m of cash on hand, to repay all of the €356m outstanding 2027 sr sec term loan and a portion of the US$692m 2028 USD sr sec term loan. The upsize to €700m will be used to further repay a portion of the 2028 Dollar Senior Secured 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-May-26. Small group meetings 05-May-26.
Books close: at 2pm UKT 07-May-26
Timing: Reconfirm by 4pm UKT today, pricing and allocations to follow
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.