Commentary & Deal Flow

INEOS Quattro Finance 2 PLC (STYRO) EUR700m (up from EUR600m) 144A/Reg S sr sec notes due April 2030 (5.5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. B1/BB/BB+ (stable/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. IPT: 6.75%-7.00%.

Price talk: 6.75%-7.00%.

Roadshow 09/30 (small group meetings) (investor call at 10:30am UKT 09/30). Books close at 12pm UKT 10/02. Pricing 10/02 UK afternoon. UOP: total financing is EUR1.64bn, along with EUR940m (down from EUR1bn equivalent) sr sec term loan B, consisting of EUR400m (down from EUR500m) and US$575m (up from US$500m) (commitments due 5pm 10/01), to refinance its EUR206m and US$ (EUR312m equivalent) term loan Bs due Jan 2026, to redeem and/or repurchase its sr sec notes due 2026 (EUR382m 2.50% due 01/15/26 and 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 sr unsec notes due 2026 (EUR372m 3.75% due 07/15/26,), and fund the tender offer for EUR182m of Ineos 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.