Commentary & Deal Flow

+++Updates marketing/timing: roadshow Tues-Thurs+++

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.

Roadshow (small group meetings) 13-15 Oct (investor call at 3pm UKT / 10am NYT 13-Oct). Pricing late 12-Oct week. 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.

Global investor call Registration link:

https://urldefense.com/v3/__https:/www.netroadshow.com/events/login/1PeTHmohEiRVBdYsBkcf8Y1KIGZA4L6jKvS7t__;!!KtHZpw!BINGPYqK6bpWWDI_yPH3tQud_F5kAIYfRxf05_jubuu_lDNPvBAZWVWLWlZgWELGVc6240ZuhqxcoYQlsoaz7fvFcBQOAg$.

Netroadshow direct link: http://www.netroadshow.com/nrs/home/#!/?show=ad953cde. Entry code: Ineos26.