Ineos slashes bond at last moment to clinch stunning $3bn cov-lite loan

Ineos, the world’s third largest chemicals company, demonstrated both its own clout as a borrower and the exceptionally hot appetite in the US leveraged loan market, when it made a late swerve on Thursday and diverted most of a $3.7bn refinancing away from the bond market and into loan investors’ pockets.

  • 27 Apr 2012

Bankers said the deal would encourage European speculative grade companies to borrow in the US high yield and loan markets.

The UK’s largest privately owned company, now domiciled in Switzerland, is no easy credit. Rated B1/B+, Ineos was the subject in November of a warning by Standard & Poor’s ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 98,544.62 277 13.26%
2 Bank of America Merrill Lynch 90,698.73 264 12.20%
3 Wells Fargo Securities 70,282.48 216 9.45%
4 JPMorgan 51,967.93 167 6.99%
5 Credit Suisse 41,545.25 126 5.59%