Shearman & Sterling advised Barclays Bank PLC and J.P. Morgan Securities LLC as joint global coordinators and mandated lead arrangers and bookrunners in connection with a cross-border, multicurrency and covenant-lite 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 for certain affiliates of INEOS AG, one of the world’s largest chemical companies by revenue.

European companies have recently been accessing the US Term Loan B market as a result of liquidity issues in the European financing markets, and this Term Loan B financing was the largest financing of its type to date. It was also one of the largest covenant lite financings in the Term Loan B market since the credit crunch. The transaction was closed simultaneously with a USD 750 million high yield bond issue and proceeds were used to refinance the remaining amounts outstanding under the existing credit facilities of the INEOS group. Both bank and bond financings were secured under a multijurisdictional security package involving over 12 different jurisdictions.

The Shearman & Sterling team included partners Maura O’Sullivan (New York-Finance), Anthony Ward (London-Finance), Larry Bambino (New York-Tax), and Iain Scoon (London-Tax); counsel Benjamin Cheng (New York-Finance), Gabrielle Wong (London-Finance), and Simon Letherman (London-Tax); senior associate Sarah Brufal (London-Finance); associates Sedina Aidam, (London-Finance), Korey Fevzi (London-Finance), Alexae Fournier (London-Finance), Lucy Keeble (London-Real Estate), Monsiree Jirasarunya (London-Finance), Doug Jones (New York-Tax), Axel Korth (Munich-Finance), Jackson Lam (London-Finance), Devin Lei (New York-Finance), Matthias Laier (Munich-Finance), James Leslie (London-Tax), Erin O’Callaghan (New York-Real Estate), Vieri Parigi (London-Finance), David Shennan (London-Finance), Sebastian Weber (Munich-Finance), and Philippe Wolanski (Paris-Finance); and trainees Shirin Lim (London-Finance), Sophie Rees (London-Finance), Ben Burton (London-Corporate), Natalie Caldwell (London-Real Estate), Rory Milligan (London-Litigation) and Nick Pascal (London-Financial Institutions Advisory & Financial Regulatory).