Ineos Said to Be Paying Off Junk-Rated Debt
Ineos Group Holdings is preparing to sell a billion euros worth of bonds in euros and dollars now that borrowing costs of junk-rated debts have fallen to record lows in Europe, the news agency Bloomberg has reported.
The international petrochemicals giant is marketing five-year senior notes to repay all of its outstanding euro-denominated bonds scheduled to come due in 2016, the news agency quotes sources as saying. The average yield on speculative-grade bonds in euros fell four basis points to 4.7%, according to Bank of America Merrill Lynch data.
Another high-yield borrower seeing to raise debt in Europe, according to Bloomberg, is Innovia Films, a manufacturer of cellulosic packaging film acquired by Arle Capital Partners in 2004. Bloomberg said the company began meeting European investors in mid-February to market €340 million worth of six-year floating-rate notes.
