Inovyn’s 225bp margin stuns lev loan mart

petrochemicals px230 for gc
By Victor Jimenez
12 Oct 2017

Chlorvinyls firm Inovyn, a subsidiary of chemicals group Ineos, was on course to shave 150bp from its 2024 term loans in a repricing on Thursday. But market participants warned that the trade betrays signs of a lack of discipline in the market.

The deal illustrated how funding costs have fallen in the euro leveraged loan market in recent times. Inovyn has cut the margin of its leveraged buyout term loans ‘B’ by 300bp in 16 months.

The borrower made the latest savings on its facility on Thursday, as it ...

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