Shearman & Sterling has represented Barclays Capital and J.P. Morgan as joint mandated lead arrangers and Barclays Bank PLC as facility agent and security agent for the effective refinancing of approximately €5 billion senior and second lien indebtedness of the Ineos group.

INEOS is one of the world's largest chemical companies, specializing in the manufacturing of petrochemicals, specialty chemicals and oil products and with a production network spanning 51 manufacturing facilities across 13 countries.

Unusually for this type of transaction, the refinancing was carried out through an exchange offer. This meant that an Ineos affiliate offered to acquire participations in the existing facilities in exchange for participations in the new facilities. At the same time Ineos issued €300 million and $570 million of senior secured high yield bonds, the proceeds of which partially prepaid the bank facilities.

The Shearman & Sterling team in the firm’s London, Paris and Munich offices includes partners Anthony Ward, David Platt, Clifford Atkins, Patrick Clancy, Pierre-Nicholas Ferrand and Winfried Carli, counsel Miko Bradford and Gabrielle Wong, associates Jackson Lam, Lars Neumann, Axel Korth, Carla-Sophie Imperadeiro, Monsiree Jirasarunya, Vieri Parigi, Jo Folan and Alex Childs, trainee Alexandra Jeffreys and paralegal Rajiv Nawbatt. Partner Iain Scoon, counsel Simon Letherman and associate James Leslie advised on tax aspects of the refinancing. Counsel Paul Balaam and property specialist Todd Matthias advised on property-related issues.