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by Stephen Carter
Oct 12, 2026 7:28 PM ET
INEOS Energy Finance plc (INEGRP) US$700m 144A/Reg S sr notes due 2031 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. NR/BB-/BB- (--/stable/stable). Via JPM (sole physical books)/DB/DNB Carnegie jt glocos/Barc/First Abu Dhabi Bank/GS/ING/MIzuho/MUFG/NatWest/WFS jt books. No reg rights. List ISE. NY law. CoC at 101. Denoms: 200x1.
IPT: low-to-mid 9s.
Investor call at 3pm UKT / 10am NYT 13-Oct. Pricing later 12-Oct week. Netroadshow direct link: Ineos26. UOP: repay $469m term loan A, $100m shareholder distribution, and $116m cash to the B/S. Biz: an oil and gas E&P company in the US onshore, US Gulf, UK offshore and Denmark offshore. HQ: Lyndhurst, Hampshire, UK. It is a sub of INEO Energy E&P Holdings II Ltd, which is an indirect sub of INEOS Ltd. The INEOS Group is a global manufacturer of petrochemicals, specialty chemicals and oil products. HQ: London, UK.