Styrolution places new term loans
Frankfurt, Germany – November 7, 2014 – Styrolution today concludes the placement of a new First Lien Term Loan B of approx. €1.05 billion equivalent with institutional investors. The borrowings consist of equally sized Euro and U.S. Dollar tranches, each with a maturity of five years and priced at EURIBOR/LIBOR +550 basis points, respectively. Styrolution Group GmbH and Styrolution US Holding LLC are the borrowers. Standard & Poor's and Moody's have rated the facilities B and B2, respectively.
The loan financing is complemented by a Second Lien PIK Toggle Loan from INEOS Holdings Limited to Styrolution Holding GmbH of €200 million with a coupon of 9.5 percent cash (or, under certain specified conditions, 10.25 percent PIK).
The net proceeds will be used, along with the Second Lien PIK Toggle Loan proceeds and cash at hand, to finance:
The acquisition is expected to close in the fourth quarter of 2014 pending regulatory approval.
ABOUT INEOS STYROLUTION
INEOS Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 85 years of experience, INEOS Styrolution helps its customers succeed by offering the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, toys/sports/leisure, and packaging. In 2015, sales were at 5 billion euros. INEOS Styrolution employs approximately 3,100 people and operates 15 production sites in nine countries.
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