Investors pass Ineos waiver, secure stringent terms

10 Dec 2008

The waiver request for Ineos, the UK chemicals group, has been passed with over 90% of the syndicate voting in favour of it. However, the borrower has had to increase its margins beyond what it originally tried to offer after pressure from investors, particularly US lenders.

Ineos will raise its margins by between 175bp and 225bp, instead of the 100bp and 125bp it had hoped for. This increase brings the proposed new pricing levels up to 400bp for the seven year term loan ‘A’, 450bp for the eight year term loan ‘B’ and 500bp ...

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