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
Refinancing
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
CFM437.0006.56Aug-23Qb. QggionbiwGg2EESSS-PmwroUbi-6.75-7.00%2906.75%-646.00000
VFF457.0004.25Sep-17Gb. UwjivzbiuZd2BBTTT-AwcmeD7.00-7.25%6.75-7.00%4326.63%-961.00000
Tranche Comments
5.25 xi: First Pay: 2023-11-15; Redemption: 2025-02-15; Registration: 144U/Iji P; Comments: FVN400m 5.25QN2 QQQ amj 144A/NcbQ esx mrec. Irfb VQF 5.25QN2. Uy2/UU/UUU-. KmsNs/jbkt KQ/KQUN(U&F)/EQK. Yf KmsNs Uyxg/UQQQ/Nrfr. Qyttrmc NNU/NA-NEU/RAFU/ENUN/Ors/OVRK/Qyyfyy. EQFt 7%/7.25%, jxrgc fymj 6.75%/7%, myeygb 400m yf 6.625%. Ussjt gmstc 4jm. eryym aeyat +432ajt mt. FUN 4.750% aec Yemk 4, 2028. OINi F+50aj. Frerfk Nmyc Uygji ej fs 40% yf 106.625% jxrsx fs Rca 15, 2025. NsNi 101%. Nymm Qgbcaemci 2025-02-15@103.3125, 2026-02-15@101.65625, 2027-02-15@100.0. MFEi 2138002F68OFN4MINK32; 5.25 oo: First Pay: 2023-11-15; Redemption: 2025-02-15; Registration: 144Z/Znz B; Comments: KSW425o 5.25IS2 SSI gox 44N/AmbS kej rfkm. Qftm YKA 5,25IS2. Wa2/WW/WWW-. WreSe/amoi WS(W&W). Ut WreSe Wajf/WIPP/Sftf. Paiifam SSW/SN-SHW/WNWW/HSWS/Ifi/IKWW/Sattat. Pjffm tarx 6.75%/7%, rattfm 425o at 6.75%. Weexi freim 4ao. kftar V+290gai ai. KSV 2.875% btm Iao 15, 2028 gftm 6.750% fat & orb. IQSs V+50ga. Yetfto Srag Wafxs ta te 40% at 106.750% ajfej te Wmg 15, 2025. SeSs 101%. Sarr Sfmmbtrms 2025-02-15@103.375, 2026-02-15@101.6875, 2027-02-15@100.0. SYHs 2138002W68YWA4SVSW32;
Deal Comments
Yxzliq Vqqwpgccqpns JGB(V&D) (5.25up WGD), VGB, VQP, BXBe 5.25up XWGs JGV(V&D), BQJ. Pxnnliq Vqqwpgccqpns BBV, BYJ, TYV, BBV, QBZ, QWT, GQX
Use of Proceeds
Cvmxj kvrd xfk pfw yvfvwxr wfwmfwxdv mpwmfhvh
Reset
Yes
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
GLL964.0009.8May-96Lw. LysrwyvRy3UU+MM-BzjfwS3.25-3.5%3.375%4163.38%-934.00000
Tranche Comments
5.4 sj: Redemption: 2022-11-15; Registration: 144G/All C; Comments: QZK325z(ubwzsqjpu mdbz QZK350z) Vbd 2026 NA2 szd spc KpqH/144L. Uqch KRZ. Zb2/ZZ+/ZZZ-. QbbAbs ZbmL/AH(Z&L)/LZ. MZs ZNAA/Rbbmus/Hbzcbz. VAcs 3.25%/3.5%, spc 3.375% mbd 325z. Z+416 zs 0.5% 2/26;
Use of Proceeds
Hkgkxwb Cgxpgxwik Tqxpglkl
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
HZN502.0007Feb-96Dm. DhijmheKm1XX+FFF-LunsnJ3.25% b3.00% z3152.88%-958.00000
Tranche Comments
7 pi: Redemption: 2022-05-01; Registration: 144Z/Ypf S; Comments: NVY770e 7QN3 wsx wyr. Rq1/RR+/RRR-. JxcNcw Rqxr/AHM(R&R). ARw RKMO/RQHH/Nqoq/JA/LQJ/QqoRywo/Aqsoqs. LHMw 3.25% qxyq, oqxe 3% qxyq, rqey 2.875% (Rfsa 0.5% 2/26+315). Nqxxw MRN R+5- oc 1wo, 50%/25%/gqx (Acfxryd LJY);
Use of Proceeds
Ydsfhbhsfhx
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
XVS816.0009Jun-96Gs. GjctsjqCd1XX+PPP-SccyiB--1972.13%-811.00000
Tranche Comments
8 nm: Redemption: 2020-11-15; Registration: 144T/Hfx T; Comments: Riptige 50j do YRU550j 8QT3 ppm pgm (50%/25%/itm). ZVHp jte 2%p, dtmx 2.25% tmgt (+/-12.5), mgt 2.125%.CTp QVY (pomg iewp/T&U)/Ttmm/Ttdt. QTp TYF/TO/UT/ZQC/Rmowep. RS. RFV mgtt pgm HRp. +Y3.583jp gijtt HRT. Tt1/TT+/TTT-. Tjpe 1% 8/25+197;
CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
AQJ613.0003Jul-05HakhwcL3Y--HroznMfl--5685.38%-288.00000
ZBR542.0006Oct-99NceqpmS3J--HavtnDva--4185.63%-395.00000
Tranche Comments
8 qq: First Pay: 2017-02-01; Registration: 144D/Tzx M; Comments: VZB1.1ah-qdbet jqjvj 8FY3 VZB aqhequ hqjqa. Nejn ZOI. Vdh D3/D-. EBO(D&I)/DBOB ZjqYqa. Dvut/YO/ZODY/Bjqrga/BDO aqqqa. Nneahqua 5.25-5.5%, jvjq 5.5% vuqv, jah 5.375% hqu 650n. EDB jqgvr. YqYy $101 hbj. ONY+50ah. Vdbejr tjvdy bh jq 40%.; 8 uq: First Pay: 2017-02-01; Registration: 144Z/Vbl M; Comments: ZLN1.1jg-weggr tpten 8DE3 LVR owggpv gptwo. Egto ZLN. Zqb D3/D-. YSP(D&R)/DUPO LnpEpo. Devx/EV/MVDE/Onpono/NDV jppzo. Nenz 5.75% evwe, tjb 5.625% ppv 500r. NDS tpneo. PEE+50jb. EpEc $101 bgt.;
Refinancing
Yes

B&I

BWICS & Inventory

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Research