Commentary & Deal Flow

INEOS Finance plc (INEOS Group) (INEGRP) EUR400m (down from EUR625m) 144A/Reg S sr sec notes due 08/15/30 (5.5y). NC2 (02/15/27) (MWC B+50bp), then at 102.8125, 101.4063, 100. Equity claw: 2y 40% at 105.625. Ba3/BB/BB+. Via BNP/HSBC/JPM (B&D) jt physical books/Barc/Citi/DB jt glocos/First Abu Dhabi Bank/GS/ING/Mizuho/MUFG/NatWest/Santander/WFS jt books. No reg rights. List Lux. NY law. CoC at 101. Settles 02/10 (T+8). Reg S ISIN: XS2991271847. 144A Common Code: 299127206. IPT: 6.00%-6.25%. Price talk: 6.00% area (+/- 12.5bp). EUR225m downsize shifted to the EUR/US$ TLB, which is now EUR850m equivalent total size. Revised price talk: 5.75% area (+/- 12.5bp).

Priced: 5.625% at 100. +334bp vs DBR 0% 08/15/30.

Roadshow (virtual meetings 01/27) (investor call 10:30am UKT 01/27). Books closed at 10am UKT 01/29. Reconfirms were due by 1pm UKT 01/29. UOP: along with a new EUR850m (up from EUR625m) equivalent (US$ and EUR) term loan B add-on, to redeem its EUR192.796m 2.125% sr sec notes due 11/15/25 (callable at 100) and EUR281.152m 2.875% sr sec notes due 05/01/26 (callable at 100), repay the EUR457m Gemini credit facility, and EUR319m GCP, including to partially pre-fund a EUR304m portion of the Project ONE (INEOS Group's major capital investment in Antwerp, Belgium) capex requirement. Biz: Global manufacturer of petrochemicals, specialty chemicals and oil products. It is a sub of INEOS Holdings Limited, part of the INEOS Group. Ultimate principal shareholders: James A. Ratcliffe, Andrew Currie and John Reece. HQ: London, UK.

Investor call: https://www.netroadshow.com/ev...;confId=76886

NetRoadshow: https://www.netroadshow.com/nrs/home/#!/?show=6b0ee0bd (Access code: alton25).