Cov-lite Ineos bags European commitments

Some European investors have committed to Ineos’s $1.5bn-equivalent covenant-lite term loan, according to a banker close to the deal, in a sign that European investors may accept cov-lite structures in certain circumstances. The commitments have arrived even before Thursday’s bank meeting.

  • 17 Apr 2012

Petrochemicals company Ineos is refinancing all of its outstanding senior loans with new debt of $3.6bn, of which the $1.5bn loan is part. The majority of the loan will be sold to the US in dollars, with a yet to be determined amount in euros.

“The company is ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%