Come ampiamente annunciato,
Ineos sta per emettere un nuovo prestito obbligazionario da 740 mln di euro, così composto:
570 mln USD 9,0% 2015
300 mln EUR 9,25% 2015
La raccolta di nuovi fondi sul mercato obbligazionario permetterà ad Ineos di rifinanziare una parte del debito senior migliorando anche la liquidità del gruppo.
Il rating dei bond sarà B2/B
PRESS STATEMENT
INEOS Group Holdings plc (“INEOS”) announced today that its indirect, wholly-owned finance subsidiary, INEOS Finance plc, has completed the pricing of its offering of Senior Secured Notes due 2015 (the “Notes”) in an aggregate principal amount of €740 million equivalent, with $570 million priced at 9.00% and €300 million priced at 9.25%.
The net proceeds of the offering will be used to refinance a portion of the outstanding senior indebtedness of the INEOS group, putting it in a stronger position as trading continues to strengthen and is the next step in the company’s plan to improve liquidity and reduce risk.
John Reece, CFO INEOS Capital said today: “The market is clearly encouraged by the recent performance reported by the company and its delivery ahead of its business plan. INEOS has weathered the current recession very well and has delivered a very strong start to 2010. In combination with our continued focus on cash management and liquidity we have significantly de-levered the Group, with net leverage currently reduced from 7.2x for end-year 2009 to 5.5x at the end of March 2010, with expectations that this will reduce further through Q2.”
INEOS’ Full year HC EBITDA for 2009 of €1,222m doubled from the previous year (FY, 2008 €594m). Based on management information, INEOS reported that Historical Cost EBITDA ("HC EBITDA") for the first quarter of 2010 was €494 million, double the figure reported for Q1 the previous year (Q1, 2009 €201 million). Net debt was approximately €7.1 billion at the end of March 2010. Cash balances at the end of the quarter were €745 million, after a scheduled payment of interest on the term loans of €145 million was made at the end of March 2010.
The notes were assigned a B2 positive rating from Moody’s and a B rating by Standard and Poor’s.
In its statement on 30th April, Standards and Poor's announced plans for a one-notch upgrade of the INEOS Corporate rating to B- from CCC+, expected upon successful completion of the re-financing.
Barclays Capital and JP Morgan acted as joint Global Coordinators and joint physical Book Running Managers and North Sea Partners advised INEOS in connection with the fund raising.
