Commentary & Deal Flow

Priced: 7.875% at 100
Benchmark: DBR 0% 15-Feb-32 / Spread +515bp

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.
• Corporate Ratings: B2/B+/BB- (Moody's/S&P/Fitch)
• Issue Ratings: B2/B+/BB+ (Moody's/S&P/Fitch)
• Issue: Senior Secured Notes
• Size: €700,000,000 (upsized from €600,000,000)
• Settlement Date: 11-May-26 (T+3)
• Maturity: 15-Nov-31
• Tenor: 5.5 years
• Coupon: 7.875%
• Issue Price: 100
• Yield to Maturity: 7.875%
• Spread to Benchmark: +515bps
• Benchmark: DBR 0% 15-Feb-32
• Call Protection: NC2
• Optional Redemption: Non-callable for 2 years until 01-May-28 (MWC B+50). Commencing on 01-May-28: 103.9375%. Commencing on 01-May-29: 101.96875%. Commencing on 01-May-30 and thereafter: 100%.
• Equity claw: 2 years 35% at 107.875.
• Interest payment dates: Semi-annually in arrear on 15-May and 15-Nov of each year, beginning on 15-Nov-26.
• 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.
• Format: 144A / Reg S (without registration rights)
• ISINs: Reg S: XS3366268541 / 144A: XS3366268970
• Common Codes: Reg S: 336626854 / 144A: 336626897
• Denominations: €100k x €1k
• Governing Law: New York
• Delivery: Euroclear Bank SA/NV / Clearstream Banking, S.A.
• Listing: Application will be made to the Official List of the Luxembourg Stock Exchange Euro MTF Market
• 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
• 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.
• TOE: 06-May-26, 4:51pm UKT
• FTT: 07-May-26, 8:00am UKT
• Marketing: Global Investor call 10:30am UKT 05-May-26. Small group meetings 05-May-26.
• Books close: at 2pm UKT 07-May-26
• Reconfirms: were due by 4pm UKT 06-May-26.
• NetRoadshow/GIC registration: https://www.netroadshow.com/events/login/1PeTHmojK6FqvKSVtKoEwOzVGM06LXHr1Kg8B
• Investor Call Replay: https://www.netroadshow.com/events/login/1PeTHmojK6FqvKSVtKoEwOzVGM06LXHr1Kg8B