Repricing and Extension of US/European Term Loan B Financing for INEOS Group

01 May 2013

Bedell Cristin acted as Jersey counsel to Barclays Bank PLC and Merrill Lynch Pierce Fenner & Smith Incorporated as joint global coordinators, mandated lead arrangers and bookrunners in connection with the repricing and increase of the existing cross-border, multicurrency and covenant lite Term Loan B bank financing for certain affiliates of INEOS AG, one of the world's largest chemical companies by revenue.  The Term Loan B lenders increased the size of the current facilities with the addition of a $640 million add-on term loan and €350 million add-on term loan and reduced the margin payable on the existing facilities. The proceeds of the additional loans have been used to, among other things, repay INEOS's existing 2015 senior secured notes.

Shearman & Sterling LLP teams in London, New York, Paris and Munich acted as English, US/New York, French and German counsel to the banks.

The Bedell Cristin team was led by Jersey banking and finance partner Peter Byrne and included senior associate Malcolm Ellis and and legal assistant Lauren Taylor.

Bedell Cristin also acted as Jersey counsel in connection with the original Term Loan B bank financing consisting of a $2 billion term loan facility, a $375 million short-dated term loan facility and a €500 million term loan facility made available in April 2012.  That transaction was closed simultaneously with a $750 million high yield bond issue.