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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1 Bank of America Merrill Lynch (BAML) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

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2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%