Slaughter and May advised INEOS on its group-wide refinancing
Slaughter and May advised INEOS on its group-wide multi-jurisdictional refinancing following the recent completion of its acquisition of BP’s global petrochemicals business for approximately US$ 5 billion. In connection with the refinancing:
- INEOS 226 Limited borrowed €1.5 billion and INEOS US Petrochem LLC borrowed $2 billion under a Term Loan B facility;
- INEOS Quattro Finance 1 Plc issued €500 million 3¾% Senior Notes due 2026;
- INEOS Quattro Finance 2 Plc issued €800 million 2½% and $500 million 3 ⅜% Senior Secured Notes due 2026; and
- INEOS Styrolution Group GmbH successfully undertook a consent solicitation to the holders of its outstanding €600 million 2 ¼% Senior Secured Notes due 2027 in respect of certain waivers and amendments.
Slaughter and May advised INEOS as a combined team with Cravath, Swaine & Moore LLP, who advised on matters of New York law.