Commentary & Deal Flow

INEOS Energy Finance plc (INENGY) US$700m 144A/Reg S sr notes due 11/01/31 (5y). NC2 (10/01/28) (MWC T+50bp), then at 104.563 10/01/28, 102.281 10/01/29, 100 10/01/30. Equity claw: 2y 40% at 109.125. 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. Pays April 15 and Oct 15, starting 04/15/27. Denoms: 200x1. Settles 10/23 (T+7). 144A CUSIP: 456954AA4. IPT: low-to-mid 9s. Price talk: 9.25% area.

Priced: 9.125% at 100. +407bp vs 5.00% 09/30/31.

Roadshow (small group meetings) 13-14 Oct (originally ending Oct 15) (investor call at 3pm UKT / 10am NYT 13-Oct). Books closed at 11:45am NYT / 4:45pm UKT 14 Oct. 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$.