Commentary & Deal Flow

INEOS Quattro Finance 2 Plc (STYRO) EUR800m equivalent (EUR/US$) 144A/Reg S 5.5NC2 sr sec notes 2-part. Ba3/BB/BB+ (negative/negative/negative). Via BNP/Citi/GS (B&D, jt gloco, US$ sole physical books, EUR jt physical books)/HSBC (EUR jt physical books)/ING (EUR jt physical books)/JPM (jt gloco)/China Construction Bank/Commerz/CA/First Abu Dhabi Bank/ICBC/KBC/Mizuho jt books. No reg rights. List Lux. NY Law.

- EUR TBA due March 2029 (5.5y). NC2 (MWC /B+50bp) (50%,25%par). Equity claw: 2y 40%. Whisper: high 8s. Px talk: 8.50%-8.75%.

- US$ TBA due March 2029 (5.5y). NC2 (MWC T+50bp) (50%,25%par). Equity claw: 2y 40%. Whisper high 9s. Px talk: 9.75% area.

Roadshow 11/06-08 (investor call 3pm UKT/10am NYT 11/06). Books close at 2pm UKT / 9am NYT tomorrow (11/09). Pricing tomorrow. UOP: along with EUR2bn equivalent (EUR850m and approx. US$1.25bn) sr sec term loan B (lender call 10/30, commitments due 11/08), to partially refinance EUR2bn of 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 EUR370m notes due 2026 (tender offers for its 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).