Commentary & Deal Flow

INEOS Quattro Finance 2 PLC (STYRO) EUR675m (down from EUR700m and 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%.

Final terms: EUR675m at 6.75% (term loan upsized by EUR35m).

Roadshow 09/30 (small group meetings) (investor call at 10:30am UKT 09/30). Books closed at 12pm UKT 10/02. Pricing 10/02 UK afternoon. UOP: total financing is EUR1.63bn (up from 1.62bn), along with EUR955m (up from EUR920m and down from EUR1bn equivalent) sr sec term loan B, consisting of EUR435m (up from EUR400m and down from EUR500m) and US$575m (up from US$500m) (commitments were due 5pm 10/01), to refinance its EUR206m and US$ (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.