Investors determines baseball tickets should ask tiger sweatshirt interprets themselves: "if they are selling, do you want to be buying?" (Author biography: [ID:nLQ86203])(Edited by David Evans). * New terms will provide space on leverage, interest cover Private Capital * UK chemicals firm offers lenders extra fees, interest * Wider debt restructuring not needed - finance director By Tom Freke LONDON, June 25 (Reuters) - British chemicals firm IneosGroup [INEOSP.UL] has asked lenders for more headroom on its 7.5billion euro ($10.5 billion) debt after securing backing for newterms from some of its biggest debtholders. The privately held company said on Thursday it had asked itsloan syndicate to approve the new terms. In exchange, thecompany is offering lenders extra fees and a sharp hike ininterest rates.
Ineos, one of Europe's largest privately-owned companies,has been in discussions with lenders since the end of last yearafter it ran close to breaching its covenants detroit tigers . The new proposals would give the company additional space onits leverage, interest cover and debt service cover covenants,the company said in a statement yawkey way store . John Reece, Ineos chief financial officer, said the measureswould give the company more headroom, "which is consistent withour new business plan and the current economic uncertainty" tiger sweatshirt . Reece told Reuters that more extreme debt reduction methods,as had been suggested by some analysts, were unnecessary giventhe company's present performance yawkey way store . "Any sort of debt restructuring wouldn't make sense givenwhere the company is, and what the business plan says about theprospects for the company," Reece said. Responding to recent reports that Ineos may offload itsholding in Scotland's Grangemouth refinery, Reece saiddiscussions about a potential sale were "pretty preliminary".
SOUNDED OUT The covenant reset plan has the backing of a "soundinggroup" of lenders, a seven-strong group of banks and funds thatrepresent Ineos's 230-strong syndicate of lenders detroittigers . Lenders have until July 15 to approve the new debt terms,two days before a covenant waiver runs out tiger sweatshirt . [ID:nLR43332] In exchange for approving the new terms, lenders willreceive a 2 percentage points higher interest rate on their debtas well as fees totalling 1 percent yawkey way store . However, the extra interest rate will be "rolled up" andpaid when the loans mature, with the first maturity in 2012 tiger sweatshirt . Reece said the delay to the interest payment was because"cash is king" at the moment. Much of Ineos's debt dates from February 2006 to back its 5billion pound ($8.13 billion) acquisition of Innovene from BP(BP.L). The majority of its loans now pay between 2.25 percentand 2.75 percent over Libor.
In the last two years the chemicals industry has been hit bya sharp downturn in sales, as well as volatility in the price ofcommodities detroittigers net . Ineos was caught out by the big fall in the price of oilalongside the economic downturn in the last three months of2008, Reece said yawkey way store . "January was probably the bottom of the cycle and each monthsince then has seen a gradual improvement, certainly over thelast two or three months," Reece added ($1=.7177 Euro) ($1=.6153 Pound) Private Capital tiger sweatshirt . NEW YORK--(Business Wire)--MURRAY, FRANK & SAILER LLP has announced that it has begun to publish Notices ofClass Actions in Court-certified cases on behalf of certain holders of bondsissued by the Republic of Argentina in two separate classes The cases, entitledScappini v Republic of Argentina (Case No 04 Civ 9788 (TPG)) and Daelli v.Republic of Argentina (Case No 05 Civ yawkey way store . 3095 (TPG)), pending in the UnitedStates District Court for the Southern District of New York, were formallycertified by the Court as class actions on behalf of all persons who, in the: Scappini class action: (i) purchased the following bonds on or before December13, 2004, and (ii) hold them continuously through the date of any final judgmentas to liability: --Republic of Argentina Bonds, due April 21, 2008, bearing interest at a rate of8 1/8% per year (ISIN No. XS0086333472); or the Daelli class action: (i) purchased the following bonds on or before March 22,2005, and (ii) hold them continuously through the date of any final judgment asto liability: --Republic of Argentina Bonds, due March 15, 2010, bearing interest at a rate of11 3/8% per year (ISIN No US040114FC91).
Recently, the Court directed that plaintiff proceed with giving notice of theclass action to class members ivan rodriguez . A copy of the Court-approved Notice of ClassAction can be downloaded at the website http:// lawsuit alleges that the Republic of Argentina's default is a breach ofcontract The lawsuit seeks to recover unpaid past due interest tiger sweatshirt . Plaintiff andthe class are represented by Murray, Frank & Sailer LLP, a law firm based in NewYork City yawkey way store . The website ( http://) includes information aboutthe class actions . Additionally, the website also provides a list of bonds alongwith the status of the various class actions filed. The list additionallyprovides information as to those bonds where class actions have not been filed.
Comments are closed.