LONDON, Feb 24 (Reuters) – Chemicals company INEOS Quattro is planning to raise 750 million euros ($794 million) from the sale of two loans, according to a lead manager memo seen by Reuters on Friday.
The seven-year financing – which comprises a euro loan and a minimum $400 million loan – will fund a dividend payment and the rest will be used for general corporate purposes, the memo said.
INEOS Quattro is owned by global chemical company INEOS, which is among the bidders for Manchester United.
Last Friday, the football club received indicative offers from bidders including INEOS, led by long-time fan Jim Ratcliffe, and Qatari Sheikh Jassim Bin Hamad Al Thani.
INEOS wants to fund an offer without external financing, but could consider bringing in a minority equity partner, Reuters reported earlier this week, citing a source.
JP Morgan and Deutsche Bank are leading the new loan sale for INEOS Quattro, according to the memo.
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A global investor call is scheduled for Monday at 1500 GMT.
Pricing is guided at 375-400 basis points (bps) over Sofr for the U.S. dollar loan and 400-425 bps over Euribor for the euro one, both for a price of 98, the memo added.
($1 = 0.9449 euros)
Reporting by Chiara Elisei, Editing by Yoruk Bahceli and Louise Heavens
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