Styrolution plans a new syndicated term loan facility and refinancing of its existing Senior Secured Notes due 2016
10/02/14
Frankfurt, Germany
Frankfurt, Germany – October 2, 2014 – Styrolution intends to enter into a credit agreement for a new syndicated term loan of approximately €1.050 billion (to be issued in a combination of Euros and U.S. dollars). The net proceeds will be used, along with additional second lien debt and cash on hand, to (i) redeem Styrolution's existing 7.625% Senior Secured Notes due 2016; (ii) pay applicable redemption premiums in connection with the redemption; (iii) to finance the purchase price of BASF SE and BASF Antwerpen N.V.'s 50% stake in Styrolution; and (iv) to pay fees and expenses incurred in connection with such transactions (the "Financing"). There can be no assurance that the Financing or other transactions will be completed. Further details will be provided to investors of the existing senior secured notes due 2016 as per indenture requirements.
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.
