Ineos plc Commences Tender Offer and Consent for 8-5/8% Senior Secured Notes Due 2005

Apr 11, 2001, 01:00 ET from Ineos plc

    SOUTHAMPTON, England, April 11 /PRNewswire/ -- Ineos plc (the "Company")
 announced the commencement of a cash tender offer and consent solicitation
 relating to all of the Company's DM190,000,000 8-5/8% Senior Secured Notes due
 2005 (the "Notes").  The total consideration to be paid for each validly
 tendered Note and properly delivered consent will be based upon a fixed spread
 of 75 basis points over the yield to maturity on the Bundesobligation 4-1/2%
 due February 22, 2002, which also includes a consent payment equal to DM30 per
 DM1,000 principal amount of the Notes.  Using the fixed spread formula, the
 purchase price for the Notes will be set on Tuesday, May 15, 2001.
     In conjunction with the tender offer, the Company is soliciting consents
 to certain proposed amendments to the indenture (the "Indenture") governing
 the Notes, which amendments, among other things, would eliminate substantially
 all of the restrictive covenants and certain events of default contained in
 such Indenture.  Holders who tender their Notes will be required to consent to
 the proposed amendments.  The tender offer expires at 5:00 p.m., New York City
 time, on Friday, May 18, 2001, unless extended.  The consent date for the
 solicitation is 5:00 p.m., New York City time on Monday, April 30, 2001, if on
 such date the Company has received duly executed consents from holders
 representing a majority in principal amount of the Notes or the first date
 thereafter that the Company receives such consents.  Holders who tender their
 Notes after the consent date will not be entitled to receive the DM30 consent
 payment.
     UBS Warburg Ltd. is acting as the exclusive Dealer Manager for the tender
 offer and the consent solicitation.  The depositary for the tender offer is
 Bankers Trust Company.  The tender offer and consent solicitation are being
 made pursuant to an Offer to Purchase and Consent Solicitation Statement and
 related Consent and Letter of Transmittal, which more fully set forth the
 terms of the tender offer and consent solicitation.  Additional information
 concerning the terms of the tender offer and consent solicitation, tendering
 Notes and the delivery of consents and conditions to the tender offer and
 consent solicitation, may be obtained from Christianne Smart at UBS Warburg
 Ltd. at 44 207 567 4560.  Copies of the Offer to Purchase and Consent
 Solicitation Statement and related documents may be obtained from Georgeson
 Shareholder Communications Inc., the Information Agent, at 17 State Street,
 10th Floor, New York, NY 10004 at 1-800-223-2064 or from Mr. Dominic Dennis at
 Georgeson's London office, Crosby Court, 38 Bishopsgate, London EC2N 4AF at
 +44-20-7335-8600.
     Ineos plc, based in Southampton, is a leading European chemical company
 focused on the production of ethylene based intermediate and specialty
 chemicals.
     Issued by Ineos plc.  Approved by UBS Warburg Ltd., a subsidiary of UBS
 AG, for the purposes of S.57 of the Financial Services Act 1986.  UBS Warburg
 Ltd. is regulated in the UK by the Securities and Futures Authority.  This
 does not constitute a recommendation regarding the Notes.  The value of an
 investment may go down as well as up.  Noteholders should seek advice from an
 independent financial advisor as to the suitability for the individual
 concerned.
 
 

SOURCE Ineos plc
    SOUTHAMPTON, England, April 11 /PRNewswire/ -- Ineos plc (the "Company")
 announced the commencement of a cash tender offer and consent solicitation
 relating to all of the Company's DM190,000,000 8-5/8% Senior Secured Notes due
 2005 (the "Notes").  The total consideration to be paid for each validly
 tendered Note and properly delivered consent will be based upon a fixed spread
 of 75 basis points over the yield to maturity on the Bundesobligation 4-1/2%
 due February 22, 2002, which also includes a consent payment equal to DM30 per
 DM1,000 principal amount of the Notes.  Using the fixed spread formula, the
 purchase price for the Notes will be set on Tuesday, May 15, 2001.
     In conjunction with the tender offer, the Company is soliciting consents
 to certain proposed amendments to the indenture (the "Indenture") governing
 the Notes, which amendments, among other things, would eliminate substantially
 all of the restrictive covenants and certain events of default contained in
 such Indenture.  Holders who tender their Notes will be required to consent to
 the proposed amendments.  The tender offer expires at 5:00 p.m., New York City
 time, on Friday, May 18, 2001, unless extended.  The consent date for the
 solicitation is 5:00 p.m., New York City time on Monday, April 30, 2001, if on
 such date the Company has received duly executed consents from holders
 representing a majority in principal amount of the Notes or the first date
 thereafter that the Company receives such consents.  Holders who tender their
 Notes after the consent date will not be entitled to receive the DM30 consent
 payment.
     UBS Warburg Ltd. is acting as the exclusive Dealer Manager for the tender
 offer and the consent solicitation.  The depositary for the tender offer is
 Bankers Trust Company.  The tender offer and consent solicitation are being
 made pursuant to an Offer to Purchase and Consent Solicitation Statement and
 related Consent and Letter of Transmittal, which more fully set forth the
 terms of the tender offer and consent solicitation.  Additional information
 concerning the terms of the tender offer and consent solicitation, tendering
 Notes and the delivery of consents and conditions to the tender offer and
 consent solicitation, may be obtained from Christianne Smart at UBS Warburg
 Ltd. at 44 207 567 4560.  Copies of the Offer to Purchase and Consent
 Solicitation Statement and related documents may be obtained from Georgeson
 Shareholder Communications Inc., the Information Agent, at 17 State Street,
 10th Floor, New York, NY 10004 at 1-800-223-2064 or from Mr. Dominic Dennis at
 Georgeson's London office, Crosby Court, 38 Bishopsgate, London EC2N 4AF at
 +44-20-7335-8600.
     Ineos plc, based in Southampton, is a leading European chemical company
 focused on the production of ethylene based intermediate and specialty
 chemicals.
     Issued by Ineos plc.  Approved by UBS Warburg Ltd., a subsidiary of UBS
 AG, for the purposes of S.57 of the Financial Services Act 1986.  UBS Warburg
 Ltd. is regulated in the UK by the Securities and Futures Authority.  This
 does not constitute a recommendation regarding the Notes.  The value of an
 investment may go down as well as up.  Noteholders should seek advice from an
 independent financial advisor as to the suitability for the individual
 concerned.
 
 SOURCE  Ineos plc