Commentary & Deal Flow

Moody's/S&P rate INEOS Quattro Holdings UK Ltd/INEOS US Petrochem LLC (STYRO) EUR2.8bn equivalent sr sec debt, consisting of EUR2bn equivalent (EUR850m and approx US$1.25bn) sr sec term loan B and EUR800m equivalent (EUR/US$) sr sec notes, Ba3/BB (negative/negative. revised from stable). UOP: to partially refinance its existing EUR1.5bn/US$2bn term loan B due 2026, to fund the acquisition of the Eastman Texas City site, including the 600kt Acetic Acid plant and all associated third party activities on the site, from Eastman for $490m cash ($415m due at closing and the remainder on the first and second anniversaries), and partially refinance other debt due 2026 (EUR800m 2.50% sr sec notes due 01/15/26 and US$500m 3.375% sr sec notes due 01/15/26). Biz: global petrochemical manufacturer. HQ: London, UK. (Acquisition announced 09/28/2023).

    The banks on the term loan are JPM (sole physical on US$); BNP/Citi/JPM (jt physical on the EUR tranche) jt glocos; CA, CCB, Commerz, FAB, GS, HSBC, ING, ICBC, KBC, Mizuho jt books. Lender call was today, commitments due 11/08.