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Ineos considers GBP900m refinancing as it considers options

March 18/2010

March 18 ( -- Ineos Group, the privately owned chemicals and pharmaceutical company, plans to refinance around ?1bn (GBP896m) of its senior-term debt by issuing bonds.


The refinancing depends on the agreement of the company"s senior lenders and holders of high yield bonds, and represents just under 15pc of Ineos"s net debt.

Earlier this week the company said that it is looking at options to strengthen its balance sheet, including "discussions with a range of investors about possible opportunities".


The company, which is majority-owned by entrepreneur Jim Ratcliffe, said that the refinancing will place it in a stronger position as trading improves.
"It is the next step in the company"s plan to improve liquidity and reduce risk," Ineos said.

The group said that it plans to refinance a "significant proportion" of its senior term loan debt at par through the issue of senior secured notes and term loans with a maturity of at least five years.

In a statement the company added: "Ineos has weathered the current recession well. Full year earnings before interest, taxation, depreciation and amortisation (EBITDA) for 2009 was ?1,222m compared to ?594m in 2008. It met budget for the full year 2009 and is trading ahead of its business plan in the early months of 2010. Its financial performance is expected to continue to improve through 2010."

Ineos said its liquidity headroom will also be "significantly enhanced" through two disposals Ineos ChlorVinyls and Ineos Fluor - which will increase its liquidity by ?300m and reduce its net debt by around ?600m.

Ineos stretches across manufacturing, distribution and sales of speciality chemicals and petrochemicals. The company has around 18 businesses across 20 countries, and has created a personal fortune for Mr Ratcliffe. The company was founded around 12 years ago.

Ineos considers GBP900m refinancing as it considers options

MRC Reference

Ineos is a petrochemical group.
In Russia  Ineoss interests are represented by  Ineos Polyolefins and  IneosChlorVinyls.


The share in the Russian market in 2008:
 PVC - 4.5%;

 polyethylene - 1.9%
 (HDPE - 2.8%, LDPE 1.2%);
 polypropylene - 1.4%
(PP-random 22.1%, PP-impact - 2.0%);
 polystyrene 0.9%.


Imports by polymers processing technologies:
 profile extrusion;
 pipe extrusion;
 film extrusion;  
 injection molding.










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