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INEOS completed the pricing of its liquidity notes

February 07/2012

(ineos) -- INEOS announced today that its subsidiary, INEOS Finance plc, had completed the pricing of its offering of U.S. dollar-denominated fixed rate and euro-denominated floating rate senior secured notes due 2019.

The Notes, in approximately USD1.65 billion equivalent, priced at USD1 billion at 8 3/8 % and EUR500 million at EURIBOR plus 600bps, with a EURIBOR floor of 125bps.

The increase in the aggregate principal amount of the offering from the USD850 million equivalent, initially announced at launch of the offering, to approximately USD1.65 billion equivalent, is a reflection of the very strong demand for the Notes, both in Europe and the US.

The net proceeds of the offering will be used to prepay all of the Term Loan B, as well as a portion of the Term Loan C, outstanding under a bank facilities agreement dated 12 May 2010, putting the INEOS Group in a stronger financial position as trading continues to improve. The next significant instalment of term debt under this facilities agreement does not become due until 30 June 2014.


John Reece, CFO INEOS Capital said today: This is again a significant vote of confidence in INEOS. Although our aim was to raise USD850m, in the end this was extended to approximately USD1.65bn. The market is clearly encouraged by the continued performance of the INEOS Group and its ability to deliver its business plan. INEOS continues to perform very well during difficult economic conditions. It has delivered a strong performance in 2011 and is already seeing a positive start to 2012. In combination with our continued focus on cash management and liquidity we have significantly de-levered the Group.

The Notes were assigned a Ba3 rating from Moodys and a B rating by Standard & Poors.

Author:Anna Larionova
Category:General News
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