The company, rated BBB+ by Standard and Poors, is looking for €150m-equivalent.
Pricing ranges are 75bp-90bp, 90bp-105bp and 105bp-120bp for the euro tranches, and 105bp-120bp and 125bp-140bp for dollars.
"Borealis is well known and well liked by Schuldschein investors," said one banker away from the deal.
Abu Dhabi’s sovereign wealth fund Mubadala owns 64% of Borealis, and the rest is owned by Austrian oil and gas company OMV.
The leads will hold conference calls with investors on Wednesday, and order books close on May 8.