Related Parents
by Stephen Carter
Nov 09, 2023 10:19 AM ET
INEOS Quattro Finance 2 Plc (STYRO) approx EUR900m (up from approx 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.
- EUR525m 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%. Final terms: EUR525m 8.50% at 100.
- US$400m (approx EUR375m) due March 2029 (5.5y). NC2 (MWC T+50bp) (50%,25%par). Equity claw: 2y 40%. Whisper high 9s. Px talk: 9.75% area. Final terms: US$400m 9.625% at 100.
Roadshow 11/06-08 (investor call 3pm UKT/10am NYT 11/06). Books close at 3:30pm UKT / 10:30am NYT today (originally closing at 2pm UKT / 9am NYT today). Pricing today. 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 US$500m 3.375% sr sec notes due 01/15/26 (any and all at $950 purchase price, GS/HSBC/ING dealer managers), and a portion of its EUR800m 2.50% sr sec notes due 01/15/26 and EUR495m 3.75% sr notes due 07/15/26). Biz: global petrochemical manufacturer. HQ: London, UK. (Acquisition announced 09/28/2023).
Indicative tender cash consideration: US$ sr sec notes $336.1m, EUR sr sec notes EUR393.9m, EUR sr unsec notes EUR115.7m. Indicative Expectation is for INEOS Quattro to accept all valid tender submissions submitted prior to respective deadlines.