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