INEOS Group Limited (‘IGL’) today announces that it has recently completed two financial restructurings; the implementation of a new receivables securitisationfacility and the repurchase of some of its Senior Notes with the proceeds of an increase in its senior bank facilities.
INEOS Group Limited (‘IGL’) today announces that it has recently completed two financial restructurings; the implementation of a new receivables securitisation facility and the repurchase of some of its Senior Notes with the proceeds of an increase in its senior bank facilities.
Securitisation
IGL has implemented a €1.5 billion receivables securitisation facility. The facility is with Citibank, Barclays Bank and Merrill Lynch and has a five year term. The
introduction of the securitisation facility will enable IGL to reduce its annual interest costs by approximately €20 million.
The proceeds of the securitisation were used to repay the €1,175 million Borrowing Base Facility of IGL’s senior bank facilities. This facility was originally put in place
in December 2005 as a bridge facility until the planned implementation of the
securitisation.
Senior Notes repurchase
INEOS Group Holdings plc (‘IGH’) has successfully completed the repurchase of €120 million of the €1,750 million 7.875% Senior Notes Due 2016 and $50m of the $750 million 8.5% Senior Notes Due 2016. The repurchased Senior Notes have now been cancelled. The repurchase was funded by the recent €250 million increase in the Term D tranche of IGL’s senior bank facilities.
INEOS Group Limited announces it has completed two financial restructurings
