INEOS Holdings Limited today announced that its indirect wholly owned subsidiary, INEOS Finance plc, has priced its offering (the “Offering”) of senior secured notes due 2029 in two tranches: $725 million aggregate principal amount of 7.500% senior secured notes due 2029 and €850 million aggregate principal amount of 6.375% senior secured notes due 2029 (collectively, the “Notes”). INEOS Finance plc intends to use the proceeds from the Offering together with the proceeds from additional secured term loan borrowings in the aggregate principal amounts of $500 million and €425 million (i) to refinance €1,047.9 million aggregate principal amount of existing senior secured notes, (ii) to pay the purchase price of US$700 million for the acquisition of LyondellBasell’s ethylene oxide and derivatives business and the aggregate purchase price of €400 million for an INEOS affiliate’s and TotalEnergies’ cracker and derivative assets in Lavéra, France, (iii) for general corporate purposes, including to prefund Project ONE (being the INEOS Group’s major capital investment in Antwerp, Belgium, which was announced on January 14, 2019) and (iv) to pay transaction fees and expenses (collectively, and together with the Financing, the “Transactions”).
There can be no assurance that the Transactions described above will be completed.