MOSCOW (MRC) -- Ineos announces refinancing of Term Loans and planned refinancing of all of its outstanding Dollar-denominated 5.875% Senior Notes due 2019 and Euro-denominated 5.750% Senior Notes due 2019.
Monday, 30 January 2017, as per the company's press release.
Thus, Ineos Group Holdings S.A. announced that its indirect wholly owned finance subsidiaries, INEOS Finance plc and INEOS US Finance LLC, intend to take the following actions under the existing Senior Secured Term Loan Agreement:
- prepay all the Term Loans due 2018 in an amount of approximately USD1,315,000,000 with cash on hand;
- convert all the Term Loans due 2020 and all the Term Loans due 2022 in an aggregate amount of approximately EUR1,935,000,000 and USD1,490,000,000 to new tranches of Term Loans due 2022 in approximately the same amount but having lower interest rate margins than the existing tranches;
- and borrow additional term loans in an amount of approximately EUR1,150,000,000 (in a combination of euro and U.S. dollars) and use the net proceeds from the borrowing to refinance all of INEOS’s outstanding 5.875% Senior Notes due 2019 and 5.750% Senior Notes due 2019.
After giving effect to the Refinancing, the aggregate amount of debt under Ineos’ secured credit facilities will remain approximately the same as prior to the Refinancing, but with lower pricing and longer average life, while the total amount of Ineos' unsecured debt will be significantly reduced. There can be no assurance that the Refinancing will be completed.
As MRC informed before, in May 2016, INEOS Enterprises confirmed it has reached an agreement in principle, to sell INEOS Styrenics, its Expandable Polystyrene Business (EPS), to Synthos S.A. for EUR80m.
Ineos Group Limited is a privately owned multinational chemicals company consisting of 15 standalone business units, headquartered in Rolle, Switzerland and with its registered office in Lyndhurst, United Kingdom. It is the fourth largest chemicals company in the world measured by revenues (after BASF, Dow Chemical and LyondellBasell) and the largest privately owned company in the United Kingdom.
MRC