Perfect chemistry as investors cheer Ineos’s €4.6bn BP integration package

By Owen Sanderson
21 Jan 2021

Investors have enthusiastically backed a €4.6bn financing package for Ineos Quattro, funding the integration of BP’s aromatics and acetyls business into the chemicals conglomerate. Strong demand allowed the company to raise more secured debt than expected, cutting funding costs, and strip out a bank-targeted term loan ‘A’ in favour of a bigger, cheaper, institutional term loan ‘B’.

The strong print signals the market is eager for other cyclical businesses, although Ineos would have benefited from its long track record in European leveraged credit and with integrating major corporate carve-outs from the largest oil firms.

The financing’s final structure included $2bn and €1.5bn institutional term loans, ...

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