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.
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.
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