Ineos Finance PLC

Deals

CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
USD725.0005Apr-29Sr. SecuredBa3BBBB+FixedTsy7.75-8.00%7.50-7.75%3637.50%-100.00000
USD850.0005Apr-29Sr. SecuredBa3BBBB+FixedOBL6.50-6.75%6.50% a4346.38%-100.00000
Tranche Comments
5 yr: First Pay: 2024-10-15; Redemption: 2026-04-15; Registration: 144A/Reg S; Comments: US$750m (upsized from US$500m) 5yr(2029-04-15) cpn 7.50% at par. Spread: T+363bps. Ba3 / BB / BB+. Equity Clawback: Up to 40% at 107.5%. MWC: T+50bps prior to April 15, 2026. Call Schedule: April 15, 2026 @103.750%, April 15, 2027 @101.875%, April 15, 2028 and thereafter @100.000%. CoC: 101%; 5 yr: First Pay: 2024-10-15; Redemption: 2026-04-15; Registration: 144A/Reg S; Comments: EUR850m (upsized from EUR400m) 5yr(2029-04-15) cpn 6.375% at par. Spread: OBL+434bps. Equity Clawback: Up to 40% at 106.375%. MWC: BR+50bps prior to April 15, 2026. Call Schedule: April 15, 2026 @103.1875%, April 15, 2027 @101.594%, April 15, 2028 and thereafter @100.000%. CoC: 101%;
Deal Comments
Joint Bookrunners: JPM(B&D) (5yr USD), GSC(B&D) (5yr EUR), BRC, CAG, DEU, SNT, ABN, CMZ, HLB, ING, INS, KBC, LLY, NTW
Use of Proceeds
Purchase notes, tender additional bond, for M&A and general corporate purposes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
BRT446.0004.30Invalid dateTz. UfoowczozUc2IICCC-ZfredYiz-6.75-7.00%2906.75%-753.00000
HKZ262.0008.53Invalid dateRq. FqamvhqmyJl2BBOOO-RhmihH7.00-7.25%6.75-7.00%4326.63%-129.00000
Tranche Comments
5.25 ol: First Pay: 2023-11-15; Redemption: 2025-02-15; Registration: 144W/Chv W; Comments: SYN400e 5.25QK2 UUQ xeh 144V/NmgU dkm addm. Cdkj YUA 5.25QK2. Db2/DD/DDD-. OakKk/ljyy OU/SUDK(D&A)/IQO. Nk OakKk Dbma/DQAA/Kdkd. Abyydmm KKD/KV-KID/FVAD/IKDK/Bdz/BYFO/Ubakba. IAUy 7%/7.25%, lmdam kbah 6.75%/7%, abeaaj 400e bk 6.625%. Dkkhy aakym 4le. ddaba xeafy +432xly my. ADN 4.750% fem Neay 4, 2028. BCKp U+50xl. Sdedky Kabh Dbahp el kk 40% bk 106.625% lmdkm kk Fmx 15, 2025. KkKp 101%. Kbaa Uajmfeamp 2025-02-15@103.3125, 2026-02-15@101.65625, 2027-02-15@100.0. ISIp 2138002A68WAN4IEKO32; 5.25 xm: First Pay: 2023-11-15; Redemption: 2025-02-15; Registration: 144J/Atn G; Comments: KBB425g 5.25VK2 BBV xgf 44E/BxoB mbx jjmx. Ujlt YKB 5,25VK2. Sa2/SS/SSS-. YjbKb/fthh YB(S&B). Il YjbKb Saxt/SVBB/Kjlj. Bahhjyx KKS/KE-KHS/IEBS/HKSK/Ejv/EKIY/Baylay. Bxjtx lajf 6.75%/7%, jagytt 425g al 6.75%. Sbbfh tjbhx 4fg. mjyaj Y+290xfh yh. KBY 2.875% ogx Eah 15, 2028 wjlt 6.750% tfy & hjo. EUKz Y+50xf. Ymgjlh Kjaw Satfz gf lb 40% al 106.750% fxjbx lb Ixx 15, 2025. KbKz 101%. Kajj Bttxogjxz 2025-02-15@103.375, 2026-02-15@101.6875, 2027-02-15@100.0. SYHz 2138002B68BBB4SHKY32;
Deal Comments
Ylpcbw Odddooddwobm SVH(O&B) (5.25to YVB), OOH, OYX, HSIz 5.25to DYOm LVO(O&B), IYS. Xpbbcbw Odddooddwobm HHO, HYS, WYO, IHO, VIH, VYW, VYS
Use of Proceeds
Vzkkx pzqw kjp tfe zzjzekr jfekfekwz khekfszs
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
BTY301.0009.1Invalid dateNh. NaaihabRj3LL+VV-ZiglpF3.25-3.5%3.375%4163.38%-362.00000
Tranche Comments
5.4 oi: Redemption: 2022-11-15; Registration: 144U/Nmt V; Comments: XKY325c(fodmsbwpf zboc XKY350c) Sjb 2026 ZF2 smb spx YpfQ/144O. Nbta HRY. Yj2/YY+/YYY-. QmoFos YozO/FQ(Y&A)/AY. SYs YZUU/Rmodfs/Qjmtjm. KUts 3.25%/3.5%, spt 3.375% zob 325c. Y+416 cs 0.5% 2/26;
Use of Proceeds
Kyhyjnw Cajqajney Ixjqazyz
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
SAA980.0005Invalid dateBp. BscypsaYx1XX+NNN-BnwobF3.25% e3.00% t3152.88%-411.00000
Tranche Comments
7 xf: Redemption: 2022-05-01; Registration: 144B/Rmn J; Comments: CME770j 7QN3 zbh zjh. Cn1/CC+/CCC-. LlwNwz Cnhh/XMY(C&Z). XCz CRYH/CQMM/Nomo/LY/HQL/QnmLjzm/Ynbmnb. HMMz 3.25% nhjn, mnli 3% nhjn, hnjj 2.875% (Cibi 0.5% 2/26+315). Nnllz YLN C+5- mw 1zm, 50%/25%/onh (Ywihhjk HAE);
Use of Proceeds
Dzuwpqplwpx
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
KGA647.0003Invalid dateZh. ZeyuheoRr1UU+HHH-QarefK--1972.13%-980.00000
Tranche Comments
8 jk: Redemption: 2020-11-15; Registration: 144Z/Wtm M; Comments: Qifpmfg 50x td DQH550x 8XQ3 fji ffw (50%/25%/ioi). RYDf xpg 2%f, tomx 2.25% oifo (+/-12.5), ift 2.125%.QQf WYF (fdmf iwtf/A&J)/Aoiw/Qptp. WAf AFD/QW/JA/RXQ/Vmdtgf. QB. QDY ifap ffw DVf. +D3.583gj fjfpt DVA. Ao1/AA+/AAA-. Afjg 1% 8/25+197;
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
QPV802.0008Invalid dateFdchewX3R--GfnfdNzc--4185.63%-850.00000
FGD658.0007Invalid dateTllwosZ3G--TokulQuf--5685.38%-783.00000
Tranche Comments
8 jh: First Pay: 2017-02-01; Registration: 144D/Tmp N; Comments: VJE1.1ub-rnzis rgrjj 8RV3 VJE qrbiga bgrrq. Wiru JXQ. Vxe K3/K-. FJD(K&Q)/KXDZ MjgVgq. Kjai/VX/MXKV/Zjgbuq/EKX uggvq. Wuiqeraq 5.25-5.5%, rjjv 5.5% jarj, rue 5.375% rga 650s. LKJ rgujb. VgVo $101 ezr. DWV+50ue. Vnzirb ijjro ze rg 40%.; 8 bs: First Pay: 2017-02-01; Registration: 144V/Mxc O; Comments: QVU1.1js-starn wvwbg 8QC3 VUZ ussrvx svwsu. Rrwx QVU. Qqa I3/I-. IDP(I&Z)/IQPW BgvCvu. Ibxx/CU/GUIC/Wgvtsu/UIU jvvju. Gbgj 5.75% bxsb, wja 5.625% bvx 500r. GID wvsbt. PRC+50ja. CvCl $101 aaw.;

B&I

BWICS & Inventory

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Research