Commentary & Deal Flow

INEOS Quattro Finance 2 PLC (STYRO) EUR600m 144A/Reg S sr sec notes due April 2030 (5.5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. (Existing B1)/BB/BB+ (--/negative/stable). Via GS (B&D)/ING/Santander jt physical books/JPM/Mizuho/ABN/CA/China Construction Bank (CCB)/CA/First Abu Dhabi Bank (FADB)/ICBC/NatWest jt books. No reg rights. List Lux. NY law. CoC at 101. Roadshow 09/30 (small group meetings) (investor call at 10:30am UKT 09/30). UOP: along with EUR1bn equivalent (EUR/US$) sr sec term loan Bs (commitments due 5pm 10/01), to refinance its EUR and US$ term loan Bs due Jan 2026, to redeem and/or repurchase its sr sec notes due 20226 and sr unsec notes due 2026 (including the tender for its US$146.179m 3.375% sr sec notes due 01/15/26 (US$995 purchase price, GS/ING/Santander dealer managers)), and fund the tender offer for a portion of Styrolution's EUR600m 2.25% sr sec 1st lien notes due 01/16/27. Biz: chemicals producer. HQ: London, UK. NetRoadshow: https://www.netroadshow.com/nrs/home/#!/?show=b18ac54c. Code: INEOS24.