INEOS Group Limited is pleased to announce that it has received the consent of its lenders, supporting plans to re-finance a significant proportion of its senior term loan debt.
The company has now received acceptance from more than 90% of its lenders, necessary to agree the change. The agreed consent permits a replacement financing in the form of senior secured notes and term loans with maturity of at least 5 years, expected to total around €1 billion.
INEOS has weathered the current recession well. Full year HC EBITDA for 2009 was €1,222m compared to €594m in 2008. It met budget for the full year 2009 and is trading well ahead of its business plan in the early months of 2010.
The transaction, when completed, will place the Group in a stronger position as trading improves and is the next step in the company’s plan to improve liquidity and reduce risk.
Lenders will benefit from a repayment at par of a significant amount of the existing senior term loan exposure, as well as a remaining exposure to an improved credit and reduced re-financing risk in the near-term.
ENDS.
For further information contact:
Richard Longden
Tel: +44 (0) 2380 287037
(m) +44 (0) 7710 371998
(e) richard.longden@ineos.com
www.ineos.com